Ambassadors International Moves To Ch. 7 Bankruptcy

Law360, Los Angeles (March 15, 2012, 6:52 PM EDT) -- A Delaware bankruptcy court converted cruise ship operator Ambassadors International Inc.'s Chapter 11 case into a Chapter 7 on Wednesday, a move creditors said could speed up review of the debtor's claims.

The move, approved by U.S. Bankruptcy Judge Kevin Gross, will give a Chapter 7 trustee the opportunity to determine which causes of action, if any, the estate may bring against the debtors as well as current and former officers, according to a brief filed by a committee of unsecured creditors assigned to Ambassadors International's...
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