Trustee Blasts Ambassadors' Ch. 11 Sale Procedure Plan

Law360, New York (April 13, 2011, 10:34 PM EDT) -- The U.S. trustee in Ambassadors International Inc.'s Chapter 11 bankruptcy case objected Wednesday to the company's proposed sale procedures, claiming stalking horse bidder Whippoorwill Associates Inc. is not entitled to bid protections because it is an insider.

Trustee Roberta DeAngelis raised eyebrows over a proposal by the debtors — including subsidiaries Ambassadors Cruise Group LLC and Ambassadors LLC — to provide Whippoorwill an expense reimbursement if the stalking horse agreement is terminated, according to her objection filed in the U.S. Bankruptcy Court for the District of...
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