Ambassadors Charts Course For Speedy Sale In Ch. 11

Law360, New York (April 5, 2011, 6:22 PM EDT) -- Ambassadors International Inc. won Delaware bankruptcy court approval Tuesday for an interim $5 million loan to keep its sailing cruise ship business afloat and embarked on an expedited course to sell its assets to a secured lender.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware signed off on the first half of a $10 million debtor-in-possession loan, which was provided by investment manager Whippoorwill Associates Inc., the same secured lender that submitted a stalking horse bid for AII’s assets.

AII intends...
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