Ambassadors Creditors Call Ch. 11 Plan Too Hasty

Law360, New York (April 15, 2011, 1:59 PM EDT) -- The official committee of unsecured creditors in cruise ship operator Ambassadors International Inc.'s Chapter 11 case bristled Thursday at what they called an unreasonably short timeline set by the debtors' proposed plan to auction the company's assets to Whippoorwill Associates Inc.

The narrow two-day window between the formation of the creditors' committee and the deadline for objections to the bid procedures motion does not give the committee enough time to conduct a thorough review of Ambassadors' efforts to market its assets, the group said in documents...
To view the full article, register now.