Bidding War Comes to an End
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.
PVA:The Return of the American Queen
In late October 2001, three of America's six steam-driven paddlewheelers were suddenly tied up due to bankruptcy of the parent company, American Classic Voyages, and facing a very uncertain future. The management failures and cost excesses of the past owners that caused the company failure have been well documented and need not be recounted. What is important is that out of the ashes of American Classic Voyages has come the Delta Queen Steamboat Company. It is back on America's rivers and moving forward with a full head of steam. Purchased last May by Delaware North Companies of Buffalo, NY for $80 million, the new company is "well positioned to resume it place as the premier provider of inland river vacations," said Tom Carmen, president of the new company.
