Small Canadian Cruise Company Puts Yacht Up For Sale

by Deidre Woollard (RSS feed)
Sep 16th 2008 at 4:02PM

Some boutique travel companies seem to be having a rough time in an economy where people are traveling less. I recently reported on GrandLuxe Rail Journeys and now here comes news of trouble for Canadian Sailing Expeditions Inc. The company offers seven-day luxury cruises in the Atlantic region, Quebec and the Caribbean on board the beautiful 243-foot Caledonia, a sailing vessel that holds 75 passengers. The restoration of Caledonia for cruising ran almost $1 million over budget putting the company in financial trouble. The yacht relaunched in its newly refurbished state in March.

The Chronicle Herald reports that on September 3 the Nova Scotia Supreme Court granted the company an extension of its protection from creditors while it tries to restructure. Meanwhile the company has had to put the Caledonia on the market for around $12 million but they are hoping to hold onto the yacht and save the business by refinancing or chartering the boat on a long-term basis to other organizations. The company says that winter bookings are strong and believes that a market for small cruise ship sailing does exist. They believe they can make the company stay afloat if given enough time. Meanwhile the yacht is listed by brokers Northrop and Johnson on Yachtworld. The listing pictures are in the gallery below.

Gallery: Caledonia Yacht