American Classic pulled from NASDAQ

October 18, 2001
Nasdaq halted trading today on stocks of American Classic Voyages, Reuters reports this evening, a move fueled by rampant speculation that plans by the company, which also owns and operates U.S. Lines, Delta Queen Steamboat Company and Delta Queen Coastal Voyages, to file Chapter 11 bankruptcy, were imminent.

An American Classic Voyages spokeswoman did not respond to requests for comment.

The company's financial troubles were no secret within the industry, particularly after the events of September 11 sharply curtailed cruise traffic. A follow-up blow, in which major travel insurers announced they would no longer provide default coverage to purchasers of AMCV¹s cruises, exacerbated the situation. Earlier this week, AMCV¹s Delta Queen -- both the steamboat and the coastal line -- announced numerous cruise cancellations.

Stay tuned; we'll keep you posted.
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