Ambassadors Wins $10M DIP Loan To Prep Asset Sale

Law360, New York (April 26, 2011, 6:59 PM EDT) -- A Delaware bankruptcy judge on Tuesday cleared Ambassadors International Inc. to use the remaining $10 million of its debtor-in-possession loan to keep the luxury cruise operator afloat as it prepares to sell its assets to a secured lender.

U.S. Bankruptcy Judge Kevin Gross said at a hearing that he would sign the final DIP order when it was submitted with minor revisions, overruling the unsecured creditors committee, which objected to liens on unencumbered assets granted to the DIP lender in the order.

Kristopher M. Hansen of...
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