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Windstar Owner Gets Court's OK for Continuing Operations as Sale Proceeds
6 Apr 2011, 5:56 pm
As noted here last Friday, Windstar owner Ambassadors International has announced the line's imminent sale to investment management firm Whippoorwill Associates, Inc. through a court-supervised sale and bankruptcy process. Yesterday, the U.S. Bankruptcy Court for the District of Delaware granted permission for Windstar and Ambassadors to maintain all of Windstar’s customer programs and policies; honor all of its fares, reservations, and charter contracts; provide commissions and payments to travel agents as usual; and honor its regular pay and benefits obligations to its crews and other employees. The court also granted interim approval of the $10 million in new financing Whippoorwill agreed to provide to support Windstar's ongoing operations during the sale process. The court approval allows Ambassadors to access the first $5 million of the amount. A hearing to grant final approval and access to the second $5 million is set for April 26. Hans Birkholz, CEO of Ambassadors and Windstar, said in a media statement, "We are on track with our sale process. Windstar is maintaining normal business operations and our customers and guests remain a top priority as we move through this process to position Windstar for long-term profitability and success under new ownership." This past Monday, Ambassadors also received notification of its impending delisting from the Nasdaq Stock Market. Ambassadors has stated that it does not intend to appeal the decision, so Nasdaq trading in Ambassadors’ common stock will be suspended at the opening of business on April 13. | 
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