Post by ferryfast admin on Mar 22, 2008 19:37:49 GMT -5
Buyer found for SeaStreak ferry service
www.Newsday.com
March 18, 2008
HIGHLANDS, N.J. (AP) _ It looks like SeaStreak ferries will keep sailing between Monmouth County's Bayshore and New York City.
A subsidiary of New England Fast Ferry Co. has agreed to buy the line and its four high-speed catamarans. Terms were not disclosed in the announcement Tuesday.
Seastreak boats carry over 800,000 passengers a year between Monmouth County, Wall Street and Midtown Manhattan.
Its parent company, Sea Containers Ltd. of Bermuda, filed for Chapter 11 bankruptcy in October 2006, putting the future of the service in doubt.
Last fall, SeaStreak's general manager, David Stafford, said the company would do everything it could to find a suitable replacement to run the profitable route. At the time, the company was reportedly in talks to sell the four catamarans to the Caribbean country of Trinidad & Tobago. That sent Monmouth County politicians scurrying to find a buyer so the service would not be interrupted.
"New England Fast Ferries is an experienced operator with a long-term interest in the company," Stafford said in a statement Tuesday. "We believe that we have found a fitting home for SeaStreak, one which will ensure a successful future."
New England Fast Ferries provide service from Rhode Island and Massachusetts to Martha's Vineyard.
"We are proud that we will have SeaStreak as a member of our family owned companies in the maritime industry, and we look forward to continuing the quality service that Monmouth County and New York City have come to rely upon," James A. Barker, president of the SeaStreak division of New England Fast Ferry Co., said in a statement.
The sale requires the approval of the U.S. Bankruptcy Court.
www.Newsday.com
March 18, 2008
HIGHLANDS, N.J. (AP) _ It looks like SeaStreak ferries will keep sailing between Monmouth County's Bayshore and New York City.
A subsidiary of New England Fast Ferry Co. has agreed to buy the line and its four high-speed catamarans. Terms were not disclosed in the announcement Tuesday.
Seastreak boats carry over 800,000 passengers a year between Monmouth County, Wall Street and Midtown Manhattan.
Its parent company, Sea Containers Ltd. of Bermuda, filed for Chapter 11 bankruptcy in October 2006, putting the future of the service in doubt.
Last fall, SeaStreak's general manager, David Stafford, said the company would do everything it could to find a suitable replacement to run the profitable route. At the time, the company was reportedly in talks to sell the four catamarans to the Caribbean country of Trinidad & Tobago. That sent Monmouth County politicians scurrying to find a buyer so the service would not be interrupted.
"New England Fast Ferries is an experienced operator with a long-term interest in the company," Stafford said in a statement Tuesday. "We believe that we have found a fitting home for SeaStreak, one which will ensure a successful future."
New England Fast Ferries provide service from Rhode Island and Massachusetts to Martha's Vineyard.
"We are proud that we will have SeaStreak as a member of our family owned companies in the maritime industry, and we look forward to continuing the quality service that Monmouth County and New York City have come to rely upon," James A. Barker, president of the SeaStreak division of New England Fast Ferry Co., said in a statement.
The sale requires the approval of the U.S. Bankruptcy Court.