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.

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