Tuesday, November 3, 2015

Saint Laurent - and the curse of Portland

While the small cruise ship Saint Laurent was on its way from Halifax to Portland. ME last week, its operators Haimark Line applied in US federal court (in Colorado of all places) for bankruptcy protection under "chapter 11". This US terminology simply means that the company is given time to reorganize before its creditors force liquidation.

Also in Portland the ferry Nova Star was arrested by a creditor as security for payment of outstanding bills.

Saint Laurent in Halifax June 12. On June 18 it sustained serious bow damage in the St.Lawrence Seaway. Repair costs seem to be a factor in the financial woes of the company.

The difference with Saint Laurent appears to be that the creditors are the parent company of the operators and the managers (and perhaps the owners) of the ship. This makes then somewhat more "friendly" and they are apparently willing to allow the ship to continue operating until the finances are straightened out.  The ship has left Portland for Nassau, having cancelled one trip due to weather, but likely to resume its schedule for subsequent cruises.

The parent company Haimark Ltd also operates river cruises in Asia which are not effected.

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