AMCV Update

October 31, 2001
American Classic Voyages customers whose sailings were canceled as a result of the company’s recent bankruptcy aren’t the only folks who will feel a sting in their wallet. According to the bankruptcy filing, the U.S. Department of Transportation’s guarantee of nearly 90 percent of the $1.1 billion in loans that AMCV was awarded to build Project America (the line’s two new ships, built in U.S. shipyards, and designed for Hawaiian itineraries) will result in a $400 million bill to the federal government. In other AMCV news, Independence, cruise-dom’s oldest operating ship (so long in the tooth the ship, in happier days, carried Princess Grace to Monaco for her wedding) will soon sail from Hawaii to San Francisco. There, the Independence will be decommissioned.