The company that owns the NYC Ferry is filing for bankruptcy

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The company that owns the NYC Ferry is filing for bankruptcy

The 100-year-old cruise operator said the financial filing will not affect NYC Ferry service. The company’s contract with the city to run the system

The bankruptcy deal's fundamentals include an injection of $121 million in new financing with about $720 million in total debt reduction, which is tied mostly to its American Queen Voyages line. The new financing will “support ongoing operations and total debt reduction,” but all other operations outside of American Queen Voyages will continue business as usual.

But NYC Ferry's service operates deep in the red despite claims that it is unaffected by the recent bankruptcy filings. A city comptroller audit revealed that thein additional costs from 2015 to 2021 to keep commuters afloat along its waterways – a sum that’s nearly half of the original cost estimate to run the ferry.

 

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