The company behind the Hampton Luxury Liner filed for chapter 11 protection yesterday, citing cash-flow problems brought on by Hurricane Sandy, the Wall Street Journal Bankruptcy Beat blog reported yesterday. The bus company says in court papers that it lost more than $1.5 million as a result of the 2012 superstorm, leading to its eventual default on its loans. Its last forbearance agreement is set to expire at the end of the year, and efforts to refinance led to the company taking on a loan with an interest rate, fees and expenses that it says may amount to usury. The company reported assets of $6.6 million and debts of $5.1 million in its chapter 11 petition, filed with the U.S. Bankruptcy Court in Central Islip, N.Y.
