The Use of Management Projections for Valuations: A BVR Special Report by Business Valuation Resources

Author:Business Valuation Resources
Language: eng
Format: mobi
Publisher: Business Valuation Resources, LLC
Published: 2011-07-12T04:00:00+00:00

American Classic Voyages Co. v. JP Morgan Chase Bank (In re American Classic Voyages Co.)

Solvency valuation turns on reliability of pre-9/11 projections

Citation: 2007 Bankr. LEXIS 1394

Date of decision: April 27, 2007

State or Federal: Federal

State/Jurisdiction: Delaware

Court: United States Bankruptcy Court

Type of action: Bankruptcy

Experts: Perry Mandarino (plaintiffs/debtors); Brian Calvert (defendants/creditors)

Judge: Carey

SIC: 4725 Tour Operators

For fifteen years, American Classic Voyages Company operated four cruise lines, three in inland U.S. waterways and one in Hawaii. Beginning in 1999, the company launched ambitious growth plans, funded by a $70 million secured line of credit from JP Morgan Chase Bank and others, reduced to $30 million in September of 2000. The parties restated the loan facility again on August 14, 2001, reducing it to $10 million while the lenders received a $30 million payment on the debt.

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