Ambassadors International plans to break up its American river cruising subsidiary, Majestic America Line, piecemeal rather than as a whole, company officials said Wednesday.
Ambassadors has tried to sell Majestic since early this year, but failed to find a buyer. Chairman Joe Ueberroth said four of the remaining five vessels will be sold individually.
“I do not foresee a sale of Majestic America Line as an entity,” Ueberroth said during a Q3 earnings call. “There has been interest on a vessel by vessel basis.”
Majestic allowed a creditor to take back the 2003-built, 223-passenger Empress of the North in August. The line will likely allow the same creditor, the United States Maritime Administration, to take the 1995-built, 436-passenger American Queen as well in coming months, he said.
“When we talked to potential buyers, they just weren’t interested in a vessel with that amount of debt,” Ueberroth said.