Anschutz Unit Wins Ambassadors' Assets For $39M

Law360, New York (May 17, 2011, 10:16 PM EDT) -- A subsidiary of billionaire Philip Anschutz's holdings company on Tuesday won luxury cruise line operator Ambassadors International Inc.'s assets in a bankruptcy auction for $39 million.

The unit of The Anschutz Corp., TAC Cruise LLC, won Ambassadors' assets, along with certain liabilities, after a two-day auction that started Monday with a cash offer, according to a notice filed in Delaware bankruptcy court.

U.S. Bankruptcy Judge Kevin Gross will hold a hearing Wednesday for approval of the sale.

Ambassadors operates three luxury sailing yachts as Windstar Sail...
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