December 9, 2001 |
Taxpayers stand to lose more than $200 million from the recent collapse of a luxury cruise ship company controlled by one of the country's wealthiest men but heavily supported by the federal government. American Classic Voyages Co. and its supporters in the U.S. Senate blame the aftermath of Sept. 11 for forcing it into Chapter 11 bankruptcy. But there is evidence that American Classic, the largest U.S.
October 20, 2001 |
American Classic Voyages Co., a cruise ship company controlled by billionaire Sam Zell, sought bankruptcy protection after customers canceled trips after the Sept. 11 terrorist attacks. Cruise bookings fell 50% after the attacks on the World Trade Center and the Pentagon and cancellations increased 30%, the company said in a statement. American Classic follows Renaissance Cruises Inc., which filed for bankruptcy Sept. 25. American Classic listed assets of $37.4 million and debts of $452.
February 4, 2001 |
It spends all its time in Hawaii and is as American as apple pie. At its re-christening last December, it was renamed the Patriot, and Maggie Inouye, wife of Hawaii Sen. Daniel Inouye, broke a bottle of champagne against its side. That's the way cruise ships are welcomed--or re-welcomed--into the world. And in Hawaii, where cruising waned around 1960 as air travel became more prevalent, the Patriot arrived as a bundle of joy, promising to bring jobs and tourist dollars.
October 28, 2001
Customers of American Classic Voyages Inc. were left to seek refunds through credit card companies, travel insurers or federal bankruptcy court after the company canceled most of its voyages and filed for Chapter 11 reorganization on Oct. 19. It was the second major cruise company in a month to file under Chapter 11, after Renaissance Cruises. The U.S.-flag company said its bookings declined by half after the Sept.