Hornblower is on a buying spree Its latest: A bid for troubled ShoreTrips: Travel Weekly travelweekly.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from travelweekly.com Daily Mail and Mail on Sunday newspapers.
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The court-appointed receiver of cruise excursion operator ShoreTrips has accepted an offer to sell the company s assets for $375,000 free and clear of debts that include nearly $5 million in customer deposits and payments to an unnamed Florida-based limited liability company.
According to a notice from the court-appointed receiver, Milwaukee attorney Seth Dizard, the agreement means the unnamed buyer is not assuming any obligations of ShoreTrips to refund deposits or to honor coupons that were issued to customers by ShoreTrips prior to the receivership.
A Zoom hearing on whether to approve the sale has been scheduled for Feb. 23 before Milwaukee County Circuit Court Judge Timothy Witkowiak. Written objections must be filed with the court by Feb. 19.
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Saddled with more than $6 million in debt, cruise excursion provider ShoreTrips has been placed in receivership as owners Barry and Julie Karp try to sell rather than permanently shutter the pandemic-ravaged company.
According to court filings in Wisconsin, the Milwaukee-based company s liabilities include $4.76 million in customer deposits for trips that have been canceled. Additionally, the company owes $974,324 in accounts payable and $345,000 in long-term debt but has just over $100,000 in cash and assets.
ShoreTrips filed for protection from creditors in state circuit court in Milwaukee last month under Wisconsin s Chapter 128, which offers a state alternative to federal bankruptcy protection.
Milwaukee County circuit court judge Timothy Witkowiak appointed attorney Seth Dizard of the firm O Neil, Cannon, Hollman, DeJong & Laing S.C. as receiver in the case. Last week, the judge ordered all creditor claims to be filed through the court by March 1.