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Windstar Cruises will be sold to a private equity firm by its parent
company, Ambassadors International, which today filed for Chapter 11 bankruptcy
protection.
 Windstar,
an upscale boutique line that operates three motorized sailboats, said that
operations would continue as usual during the sale.
In a statement, the company said that it is being sold to White Plains, New
York-based investment firm,
Whippoorwill Associates.
Whippoorwill will provide $10 million in financing to support Windstar's
operations over the next 45 days, Windstar said, the proposed time to complete
the sale. Windstar said that was, "ample liquidity to meet its obligations to
Windstar's customers, suppliers and employees without interruption while the
sale is being completed."
For any passengers booked on or currently sailing on Windstar cruises, the
company said it would:
Operate all Windstar cruises as scheduled;
Maintain all of Windstar's customer programs and policies;
Honor all Windstar fares and reservations, including charter contracts;
Provide commissions and payments to its travel partners as usual and employee
wages and benefits without interruption; and
Pay all Windstar vendors and suppliers for goods and services received both
before and during the reorganization process in connection with the sale.
"Our customers and guests remain our top priority," said Hans Birkholz, CEO of
both Ambassadors and Windstar, in a statement. "The actions we are announcing
today will allow us to build on our strong brand position and guest experience
delivery while we position Windstar for profitability and long-term success."
Windstar said that Whippoorwill, a private investment firm with over $1 billion
under management, plans to maintain Windstar's business and operations and
invest in Windstar's growth following completion of the anticipated sale.
Shelley Greenhaus, president of Whippoorwill, in a statement called Windstar " a
leading brand in the small ship luxury travel market" and said that once it
comes out form under its debt burden, "we are confident Windstar will be poised
to grow its market share over the long term.
Hans Birkholz, CEO of
Windstar and its parent, Ambassadors
International Inc. says he envisions not
only a healthy Windstar but a potentially
larger one. “Our objective and our promise
is to provide people with a wonderful
yachting experience at an affordable price,”
he said. “We feel there is a significant
opportunity with our current ships, but we
are actively looking for additional capacity
to fill that bill as well. We’re committed
to the small-ship category, and to extend
and provide that same experience to other
types of ships. Task No. 1 is to focus on
the three ships to begin with, maximize the
value of those three, and then continue to
grow the business. We believe the Windstar
brand and what it delivers is bigger than
the three ships currently operating. It’s
not just about the sails; it’s about the
customer service you get onboard and the
friendly nature of the crew that make you
feel like part of the family. The company
stayed true to the casual, family-type
atmosphere with a high level of service.”
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Worldwide Travel & Cruise Assoc., Inc.
150 S. University Dr. Ste E,
Plantation, FL 33324 - USA
Tel: +1 954 452 8800 Fax: +1 954
252 3945
EMail:
sales@cruiseco.com |
