Judge OKs $39M Sale Of Ambassadors' Assets To Anschutz

Law360, Wilmington (May 19, 2011, 4:14 PM EDT) -- A Delaware bankruptcy judge cleared Ambassadors International Inc. on Thursday to sell its luxury cruise line to an affiliate of The Anschutz Corp. for $39 million, overruling objections from unsecured creditors who said the sale process was flawed.

U.S. Bankruptcy Judge Kevin Gross approved the sale Thursday to billionaire Philip Anschutz’s holding company, finding it was a proper exercise of the debtors’ business judgment. He agreed with Ambassadors that the sale would help protect trade creditors and customers who put down deposits on future travel who...
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