<PAGE>
                                  EXHIBIT 99.1

RISK FACTORS

  RISKS ASSOCIATED WITH OUR BUSINESS

     The following risk factors could have a material adverse effect on ACL's
business, financial condition and results of operations.

BANKRUPTCY-SPECIFIC RISKS

  UNCERTAINTIES RELATING TO BANKRUPTCY PROCEEDINGS

     ACL's (references to ACL herein includes reference to ACL and the other
Debtors) future results are dependent upon successfully obtaining approval,
confirmation and implementation of a plan or plans of reorganization. ACL has
not yet submitted such plan or plans to the Bankruptcy Court for approval and
cannot make any assurance that it will be able to submit and obtain confirmation
of any such plan or plans in a timely manner. Failure to confirm a plan or plans
in a timely manner could adversely affect ACL's operating results, as ACL's
ability to obtain financing to fund its operations and its relations with its
customers may be harmed by protracted bankruptcy proceedings. Moreover, even
following confirmation, consummation and implementation of a plan or plans of
reorganization, ACL's operating results may be harmed by the possible reluctance
of prospective lenders and customers to do business with a company that recently
emerged from bankruptcy proceedings.

     Currently, it is not possible to predict with certainty the length of time
ACL will operate under the protection of Chapter 11, the outcome of the Chapter
11 proceedings in general, or the effect of the proceedings on the business of
ACL or on the interests of the various creditors and stakeholders. Under the
priority scheme established by the Bankruptcy Code, certain post-petition
liabilities and pre-petition liabilities need to be satisfied before equity
holders (DHC controls 100% of ACL's equity) can receive any distribution. The
ultimate recovery to equity holders, if any, will not be determined until
confirmation of a plan or plans of reorganization. There can be no assurance as
to what value, if any, will be ascribed to the membership

<PAGE>
interests of ACL and the other Debtors in the bankruptcy proceedings, and the
value of the equity could be substantially diluted or cancelled.

     ACL may, under certain circumstances, file motions with the Bankruptcy
Court to assume or reject its executory contracts. An executory contract is one
in which the parties have mutual obligations to perform (e.g., contracts of
affreightment, charters, equipment leases and real property leases). Unless
otherwise agreed, the assumption of a contract will require ACL to cure all
prior defaults under the related contract, including all pre-petition
liabilities. Unless otherwise agreed, the rejection of a contract is deemed to
constitute a breach of the agreement as of the moment immediately preceding the
Chapter 11 filing, giving the other party to the contract a right to assert a
general unsecured claim for damages arising out of the breach. Additional
liabilities subject to the proceedings may arise in the future as a result of
the rejection of executory contracts, including leases, and from the
determination of the Bankruptcy Court (or agreement by parties in interest) of
allowed claims for contingencies and other disputed amounts. Conversely, the
assumption of executory contracts and unexpired leases may convert liabilities
shown as subject to compromise to post-petition liabilities. Due to the
uncertain nature of many of the potential claims, ACL is unable to project the
magnitude of such claims with any degree of certainty.

     The potential adverse publicity associated with the Chapter 11 filing and
the resulting uncertainty regarding ACL's future prospects may hinder ACL's
ongoing business activities and its ability to operate, fund and execute its
business plan by (i) impairing relations with existing and potential customers;
(ii) negatively impacting the ability of ACL to attract, retain and compensate
key executives and associates and to retain employees generally; (iii) limiting
ACL's ability to obtain trade credit; (iv) and impairing present and future
relationships with vendors and service providers.

     ACL has incurred and will continue to incur significant costs associated
with the reorganization. The amount of these costs, which are being expensed as
incurred, are expected to have a significant adverse affect on the results of
operations and cash flows.

     The unsecured creditors committee appointed in the bankruptcy proceedings
has the right to be heard on all matters that come before the Bankruptcy Court.
There can be no assurance that the unsecured creditors committee will support
ACL's positions in the bankruptcy proceeding or the plan(s) of reorganization
once proposed, and disagreements between ACL and the committee could protract
the bankruptcy proceedings, could negatively impact ACL's ability to operate
during bankruptcy and could delay ACL's emergence from bankruptcy.

     Certain additional risk factors associated with the reorganization include,
but are not limited to, the following: potential adverse developments with
respect to ACL's liquidity, results of operations or ability to continue as a
going concern; Bankruptcy Court approval of the motions filed by ACL from time
to time; the availability of exit financing to facilitate emergence from Chapter
11 pursuant to a plan of reorganization; risks associated with third parties
seeking and obtaining court approval (i) to terminate or shorten the exclusivity
period for ACL to propose and confirm one or more plans of reorganization, (ii)
for the appointment of a Chapter 11 trustee or (iii) to convert ACL's cases to
Chapter 7 cases for the liquidation of its businesses; and the ability of ACL to
execute on its business plans.

  POTENTIAL SALE OF ASSETS

     In connection with the development of alternative plans of reorganization,
ACL will evaluate any and all proposals to maximize the value of all ACL's
stakeholders, including the sale of certain of its remaining business lines.
There can be no assurance that ACL will be able to consummate such asset sales
or that any asset sales will be at or greater than the current net book value of
such assets.

  ACL'S LIQUIDITY IS DEPENDENT ON A NUMBER OF FACTORS

     ACL's liquidity generally depends on cash provided by operating activities
and access to the DIP Credit Facility. The ability of ACL to continue as a going
concern (including its ability to meet post-petition obligations) and the
continued appropriateness of using the going concern basis for its financial
statements are

                                        2

<PAGE>
dependent upon, among other things, (i) ACL's ability to comply with the
covenants of the DIP Credit Facility, (ii) the ability of ACL to maintain
adequate cash on hand, (iii) the ability of ACL to continue to generate cash
from operations, (iv) confirmation of a plan of reorganization under the
Bankruptcy Code and the terms of such plan, (v) ability of ACL to attract,
retain and compensate key executives and associates and to retain employees
generally and (vi) ACL's ability to achieve profitability following such
confirmation.

COMPANY-SPECIFIC RISKS

  RISKS OF ADVERSE WEATHER AND RIVER CONDITIONS

     ACL's barging operations are affected by weather and river conditions.
Varying weather patterns can affect river levels and cause ice in Northern
United States river areas. For example, the Upper Mississippi River closes
annually from approximately mid-December to mid-March and ice conditions can
hamper navigation on the upper reaches of the Illinois River during the winter
months. In addition, adverse river conditions affect towboat speed, tow size and
loading drafts and can delay barge movements. Lock outages due to lock
maintenance and/or other interruptions in normal lock operation can also delay
barge movements. Jeffboat's waterfront location is subject to occasional
flooding. Jeffboat's manufacturing operations that are conducted outdoors are
also subject to weather conditions, which may adversely impact production
schedules. Terminals may also experience operational interruptions as a result
of weather and river conditions. It is likely that ACL's operations will be
subject to adverse weather or river conditions in the future and there can be no
assurance that such weather or river conditions will not have a material adverse
effect on ACL's business, financial condition, results of operations and cash
flows.

  EXPOSURE TO GRAIN EXPORTS

     ACL's dry cargo barging business in North America is significantly affected
by the level of grain export volume handled through the Gulf of Mexico ports.
Grain exports can vary due to, among other things, crop harvest yield levels in
the United States and abroad. Overseas grain shortages can increase demand for
U.S. grain, while worldwide over-production can decrease the demand for U.S.
grain. This variable nature of grain exports can result in temporary barge
oversupply which can drive down freight rates. There can be no assurance that
historical levels of North American grain export volume will be maintained in
the future and, to the extent supply imbalances were to prevail for a
significant period of time, they could have a material adverse effect on ACL's
business, financial condition, results of operations and cash flows.

  SEASONALITY

     ACL's business is seasonal, and its quarterly revenues and profits
historically have been lower during the first and second fiscal quarters of the
year (January through June) and higher during the third and fourth fiscal
quarters (July through December) due to the North American grain harvest. In
addition, working capital requirements fluctuate throughout the year. Adverse
market or operating conditions during the last four months of the year could
have a greater effect on ACL's business, financial condition, results of
operations and cash flows than during other periods.

  VARIABILITY

     Freight transportation rates may fluctuate from season to season and year
to year, which could result in varying levels of cash flow. The level of dry and
liquid cargoes requiring transportation on the Inland Waterways will vary due to
numerous factors, including global economic conditions and business cycles,
domestic agricultural production/demand as well as international agricultural
production/demand and the value of the U.S. dollar relative to other currencies.
In addition, the number of barges and towboats in the overall industry fleet
available to transport these cargoes will vary from year to year as older
vessels are retired and scrapped and new vessels are constructed and placed into
service. The resulting relationship between available cargoes and available
vessels will vary with periods of low vessel availability and high cargo demand
causing higher freight rates and periods of high vessel availability and low
cargo demand causing lower freight rates. Significant periods of high vessel
availability and low cargo demand could have a material adverse effect on ACL's
business, financial condition, results of operations and cash flows.

                                        3

<PAGE>
     The foregoing factors can also affect market rates. As contracts expire and
terms are renegotiated at then current market rates, the level of revenue can
vary relative to prior years. This has become more evident as the industry has
shifted to shorter term contracts. The impact of these factors could be material
and there can be no assurance that the rates at which contracts are renewed will
not have a material adverse effect on ACL's business, financial condition,
results of operations or cash flows.

  COMPETITION

     The barge business is highly competitive and there are few significant
barriers to entry. Certain of ACL's principal competitors have greater financial
resources and/or are less leveraged than ACL and may be better able to withstand
and respond to adverse market conditions within the barging industry. There can
be no assurance that such competition will not have a material adverse effect on
ACL's business, financial condition, results of operations or cash flows or that
ACL will not encounter increased competition in the future, which also could
have a material adverse effect on its business, financial condition, results of
operations or cash flows.

  EXPOSURE TO INTERNATIONAL ECONOMIC AND POLITICAL FACTORS

     ACL's operations may be affected by actions of foreign governments and
global or regional economic developments. For example, global economic events
such as foreign import/export policy or currency fluctuations, could affect the
level of imports and exports. Foreign agricultural subsidies can also impact
demand for U.S. agricultural exports. In addition, foreign trade agreements and
each country's adherence to the terms of such agreements can raise or lower
demand for U.S. imports and exports. National and international boycotts and
embargoes of other countries' or U.S. imports and/or exports together with the
raising or lowering of tariff rates will affect the level of cargoes requiring
transportation on the Inland Waterways. Changes in the value of the U.S. dollar
relative to other currencies will raise or lower demand for U.S. exports as well
as U.S. demand for foreign produced raw materials and finished good imports.
Such actions or developments could have a material adverse effect on ACL's
business, financial condition, results of operations and cash flows.

  RISK OF PROVIDING SERVICES ABROAD

     Demand for ACL's services may be affected by economic and political
conditions in each of the countries in which ACL provides services. ACL's
foreign operations are also subject to other risks of doing business abroad,
including fluctuations in the value of currencies (which may affect demand for
products priced in U.S. dollars as well as local labor and supply costs), import
duties, changes to import and export regulations (including quotas), possible
restrictions on the repatriation of capital and earnings, labor or civil unrest,
long payment cycles, greater difficulty in collecting accounts receivable and
the burdens and cost of compliance with a variety of foreign laws, changes in
citizenship requirements for purposes of doing business and government
expropriation of operations and/or assets. There can be no assurance that
foreign governments will not adopt regulations or take other actions that would
have a direct or indirect adverse impact on the business or market opportunities
of ACL or that the political, cultural or economic climate outside the United
States will be favorable to ACL's operations and growth strategy. See Item 7A.,
"Foreign Currency and Exchange Rate Risks", for a further discussion of ACL's
exchange rate risks.

  EXPOSURE TO FUEL PRICES

     Fuel prices are subject to fluctuation as a result of domestic and
international events. There can be no assurance that ACL will not experience
increased fuel prices in the future, which could have a material adverse effect
on its business, financial condition, results of operations and cash flows.

  REPLACEMENT NEEDS

     Barge and towboat replacement represents a significant cost for ACL, and
ACL expects to replace approximately 50 barges in 2003 and approximately 200 per
year during the next four years. Due to the variable nature of the barging
industry and the freight transportation industry in general and the relatively
long

                                        4

<PAGE>
life of marine equipment, it is difficult for ACL and other barge companies to
accurately predict equipment requirements. Accordingly, no assurance can be
given that ACL will have sufficient equipment to satisfy market demand or that
the industry will not have an oversupply of equipment. An oversupply of
equipment could have a material adverse effect on ACL's business, financial
condition, results of operations and cash flows.

  COMBINED OPERATIONS

     Pursuant to its strategy to pursue synergistic acquisitions in its core
business lines, ACL may expend substantial management time and financial and
other resources for the acquisition and integration of other barging operations.
These acquisitions may pose risks with respect to operations, customer service
and customer acceptance. While ACL's management has successfully combined other
barging operations and it believes that it has sufficient financial and
management resources to accomplish the rationalization and integration of other
barging operations, there can be no assurance that such operations can be
integrated successfully or that ACL will not experience difficulties with
customers, personnel or others. In addition, although ACL believes that the
other barging operations will enhance the competitive position and business
prospects of ACL, there can be no assurance that such benefits will be fully
realized.

  DEPENDENCE ON KEY PERSONNEL

     ACL is dependent on the continued services of its senior management team.
The loss of such key personnel could have a material adverse effect on ACL's
business, financial condition, results of operations and cash flows.

  LABOR RELATIONS

     Although ACL believes that its relations with its employees and with the
recognized labor unions are generally good, there can be no assurance that ACL
will not be subject to work stoppages or other labor disruption and, if such
events were to occur, that there would not be a material adverse effect on ACL's
business, financial condition, results of operations and cash flows.

  ENVIRONMENTAL, HEALTH AND SAFETY REQUIREMENTS

     ACL's operations are subject to extensive federal, state and local
environmental laws and regulations which, among other things, specify
requirements for the management of oil, hazardous wastes, and hazardous
substances and impose liability for releases of these materials into the
environment. A release of oil, hazardous waste, hazardous substances or other
pollutants into the environment at or by ACL's properties or vessels, as a
result of ACL's current or past operations, or at a facility to which ACL has
shipped wastes, or the existence of historical contamination at any of its
properties, could result in material liability to ACL. ACL has been identified
as a potentially responsible party ("PRP") with respect to the cleanup of
certain waste disposal sites.

     Federal, state and local governments could in the future enact laws or
regulations concerning environmental matters that affect ACL's operations or
facilities, increase its costs of operation, or adversely affect the demand for
its services. ACL cannot predict the effect that such future laws or regulations
could have on ACL. Nor can ACL predict what environmental conditions may be
found to exist at its current or past facilities or at other properties where
ACL or its predecessors have arranged for the disposal of wastes and the extent
of liability that may result from the discovery of such conditions. It is
possible that such future laws or undiscovered conditions could have a material
adverse effect on ACL's business, financial condition, results of operations and
cash flows.

     ACL's domestic vessel operations are primarily regulated by the U.S. Coast
Guard for occupational health and safety standards. ACL's domestic shore
operations are subject to the U.S. Occupational Safety and Health Administration
regulations. There can be no assurance that claims will not be made against ACL
for work related illness or injury, or that the further adoption of occupational
health and safety regulations in the

                                        5

<PAGE>
United States or in foreign jurisdictions in which ACL operates will not
adversely affect its business, financial condition, results of operations and
cash flows.

  Terrorist Attacks, War and the Risk of War

     The impact that terrorist attacks, such as those carried out on September
11, 2001, may have on the marine transportation industry in general, and on ACL
in particular, is not known at this time. Such attacks, and the uncertainty
surrounding them, may impact ACL's operations in unpredictable ways, including
disruptions of rail lines, highways and fuel supplies and the possibility that
ACL's facilities and vessels could be direct targets of, or indirect casualties
of, an act of terror. In addition, war or risk of war may also have an adverse
effect on the economy. A decline in economic activity could adversely affect
ACL's revenues or restrict ACL's future growth. Instability in the financial
markets as a result of terrorism or war could also affect ACL's ability to raise
capital. Such attacks may lead to increased volatility in fuel costs and
availability and could affect ACL's results of operations. In addition, the
insurance premiums charged for some or all of the coverages ACL currently
maintains could increase dramatically, or the coverages could be unavailable in
the future. Any such events could have a material adverse effect on ACL's
business, financial condition, results of operations and cash flows.

  Small Number of Customers Account for a Substantial Portion of ACL's Revenues

     In 2002, ACL's largest customer, Cargill, Inc., accounted for more than 10%
of ACL's revenues, while ACL's 25 largest customers accounted for approximately
54% of ACL's revenues.

  OTHER GOVERNMENT REGULATION

     ACL's barging operations are subject to various laws and regulations,
including international treaties, conventions, national, state and local laws
and regulations and the laws and regulations of the flag nations of ACL's
vessels, all of which are subject to amendment or changes in interpretation.
Further, ACL is required by various governmental and quasi-governmental agencies
to obtain and/or maintain certain permits, licenses and certificates respecting
its operations. ACL's domestic towboats are in certain circumstances subject to
a significant federal fuel use tax, which may be increased. Any significant
changes in laws or regulations affecting ACL's operations, or in the
interpretation thereof, could have a material adverse effect on ACL's business,
financial condition, results of operations and cash flows.

RISKS RELATING TO ACL'S DEBT OBLIGATIONS

     ACL incurred significant debt in connection with the Recapitalization and
the Danielson Recapitalization. After the recapitalizations, ACL experienced
lower than expected revenues and earnings due in part to a deteriorating economy
and a general slow down in the barging industry. After failing to complete an
out-of-court financial restructuring alternative, ACL was unable to meet its
financial obligations as they became due. Consequently, ACL filed a petition
with the Bankruptcy Court in order to reorganize its capital and debt structure
under Chapter 11 of the Bankruptcy Code. As a result of the Chapter 11 filings,
certain events of default under the Senior Credit Facilities, Senior Notes, PIK
Notes and Old Senior Notes have occurred. However, under Chapter 11, actions by
creditors to collect claims on pre-petition debt are stayed or deferred unless
specifically ordered by the Bankruptcy Court. If and when ACL emerges from
bankruptcy it is likely that it will continue to be highly leveraged with
substantial debt service obligations. ACL's Senior Credit Facilities and other
indebtedness could be replaced by new credit facilities with substantial, and
possibly more restrictive, covenants. Thus, ACL's leveraged position could have
a material adverse effect on ACL's business, financial condition, results of
operations and cash flows. For example, ACL's substantial leverage position
after bankruptcy could:

     - limit ACL's ability to obtain additional financing to fund future working
       capital, capital expenditures and other general corporate requirements;

     - increase ACL's vulnerability to general adverse economic and industry
       conditions;

     - require ACL to dedicate a substantial portion of its cash flow from
       operations to the payment of principal of, and interest on, its
       indebtedness, thereby reducing the availability of such cash flow to fund
       working capital, capital expenditures or other general corporate
       requirements;

     - limit ACL's flexibility in planning for, or reacting to, changes in its
       business and the industry in which it competes; and

     - place ACL at a competitive disadvantage compared to its less leveraged
       competitors.

                                        6