Bidding War Comes to an End

Tuesday, May 07, 2002
In what has escalated into a heated bidding war for what was left of American Classic Voyages' Delta Queen Steamboats, came to an end yesterday with Delaware North Companies sealing the deal with the steamboats' parent company.

As originally reported on Marinelink last month, Chicago-based Waveland Investments and New Orleans-based Uniworld had submitted bids for the two steamships - Delta Queen and Mississippi Queen - the two remaining ships of the line, which declared bankruptcy this past October.

Waveland submitted its $3.75-million bid, with intentions to take over the vessels following their auction on May 3.

Delaware North, however had other plans. The Buffalo, N.Y.-based company, which specializes in hospitality, retail and food service, acquired successfully all the assets and business of the Delta Queen Steamboat Co. - including the two above-mentioned steamboats - as well as the American Queen.

The company plans to assume ownership of the brand, following federal regulatory approval within the next two to three weeks.

According to Delaware North, the company plans to keep the steamboats' base of operations in New Orleans, along with its reservation and sales center. In addition, the company plans to interview and retain the majority of the operation's employees.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter February 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

James Troop Supplies Engines for 3 Naval Vessels

Liverpool City Region (UK) based ship engine specialist James Troop & Co has won an order to supply Volvo Penta diesel engines for three European naval vessels being built on Merseyside.

OSV Delivered to MC2 in Dubai

Marine Core & Charter LLC (MC2) headquartered in Dubai has taken delivery of the new build PETRA-1, the first of two, 45-meter Fast Offshore Support Vessels in

Six New VLCCs Marks the Start of a Busy Delivery Year

2016 is off to a flying start when it comes to delivering brand new VLCCs from shipyards in South Korea and China to owners and investor across the globe, says a report BIMCO.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0668 sec (15 req/sec)