Wednesday, August 22, 2007

From the bailout department:

The Miami Herald reports that Windjammer Barefoot Cruises is about to receive a cash infusion from TAG Virgin Islands, a private equity firm, which will apparently end up controlling the cruise line. The article characterizes the four-ship operation as a "troubled company."

It seems to be, according to the article, because, among other reasons, three of the four ships are docked, two due to labor disputes. There are also stories of sailings that don't go because supplies aren't released to the line, passengers' hotels not being paid for as promised while they await the delayed departures, and so forth. The unverified reader comments posted to the article seem to tell similar tales.

The Herald article quotes a spokesman as saying it will take three to six months to implement new plans once the new investor takes the helm.

Note: Link is valid at the time of posting.