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 Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

MES-UBI Begins Operations in Vietnam

Mitsui Engineering & Shipbuilding Co., Ltd (MES) and UBI Tower Sole Member Limited (UBI Tower) established the joint venture company named MES-UBI Heavy Industries

Survitec Escape Slide Chosen for Norwegian Ferry

The all-electric Zero Cat ferry, currently under construction at the Fjellstrand yard in Norway, will enter service next year with Norled as the first Norwegian

First N.American Boat Powered by Volvo Penta IPS

Thomas Paine, the new 50-ft. aluminum patrol boat that joined the Massachusetts Environmental Police fleet in July, is the first commercial vessel in North America

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1917 sec (5 req/sec)