Ambassadors International to sell marine business to Bellwether Group

By Caroline Salls

Pittsburgh, May 5 - Ambassadors International, Inc. has entered into an agreement to sell Ambassadors Marine Group, LLC to Bellwether Group, Inc., a company affiliated with Ambassadors' former chief executive officer Joseph Ueberroth, according to a company news release.

The company said Ambassadors Marine Group holds all assets related to its marine business.

Under the purchase agreement, Ambassadors said it can solicit superior offers until May 22.

As previously reported, Ambassadors has decided to sell all of its non-Windstar Cruises assets, as well as its travel and events business.

"With this transaction and the sale of the travel and events business, we can focus all of our capital and efforts on Windstar Cruises and the small ship luxury segment," chairman Arthur Rodney said in the release.

The company said in April that it would be forced to extend payment terms with vendors and/or suspend or curtail some of its planned operations and possibly file for bankruptcy if it was not able to sell its non-Windstar Cruises related assets, including the operations of marine, travel and events, Majestic America Line and insurance.

In addition, the company said it was seeking additional financing sources and renegotiating existing debt obligations.

Ambassadors is a Newport Beach, Calif.-based cruise and travel company.

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