Ambassadors' Unsecured Creditors Fight Asset Sale

Law360, Wilmington (May 18, 2011, 9:35 PM EDT) -- Luxury cruise operator Ambassadors International Inc. met fierce resistance Wednesday to the sale of its business in Delaware bankruptcy court, with unsecured creditors deriding the process as a sham solely benefiting its senior lender and largest shareholder, Whippoorwill Associates Inc.

A unit of billionaire Philip Anschutz's holding company, The Anschutz Corp., won an auction Tuesday for the cruise line with an all-cash bid of $39 million, narrowly beating Whippoorwill’s $38.9 million offer of cash and credit. The debtors argued at a hearing to approve the sale...
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