Court approves sale of Windstar Cruises - Trade Only Today

Court approves sale of Windstar Cruises

Author:
Publish date:

Ambassadors International announced that the U.S. Bankruptcy Court in Delaware approved the sale of substantially all of Ambassadors' assets, including its principal operating unit, Windstar Cruises, to TAC Cruise LLC, an affiliate of Xanterra Holding Corp.

The sale is expected to close next week.

During a court-supervised competitive bidding process, TAC Cruise submitted a winning bid of $39 million in cash.

Windstar will be operated as a wholly owned subsidiary of Colorado-based Xanterra Holding.

“Windstar emerged as a tremendous long-term opportunity due to the line's exceptional product, loyal following and high level of guest satisfaction in the luxury travel market,” Xanterra Holding CEO Andrew Todd said in a statement. “Xanterra intends to maintain Windstar's business and operations and to invest in Windstar's growth following the close of the sale.”

It is expected that Ambassadors' stockholders and holders of Ambassadors' convertible notes will not receive any distribution after the sale and that these securities likely will have little, if any value after Ambassadors' Chapter 11 proceeding, according to the company’s statement.

Windstar Cruises is a three-ship fleet of luxury yachts. Carrying just 148 to 312 guests, yachts cruise to nearly 50 countries, calling at 100 ports throughout Europe, the Caribbean and the Americas.

Related

E-nnovation Lab to expand at 2018 Metstrade show

The growing demand for hybrid and electric engines is becoming more apparent within the leisure marine market, prompting Metstrade to introduce the E-nnovation Lab platform for electric propulsion technology.

Aluminum, tow boats lead moderate growth in May

Boat registrations were up 2.1 percent in May in the main powerboat categories, and rose 3.2 percent in all categories, according to preliminary data from Statistical Surveys Inc., a Michigan company that tracks new boat registrations.

Retaliatory tariffs on boats to EU start today

The 25 percent tariff the EU announced Wednesday on U.S.-built boats kicks in today, and a 10 percent tariff on boats sold to Canada will start July 1, prompting boatbuilders to worry they will lose sales to those countries.