The pending acquisition is a coup for billionaire Philip Anschutz, whose company also has ownership interest in the Los Angeles Lakers pro basketball team, the Los Angeles Kings pro hockey team and Regal Entertainment Group.
It’s a blow for Whippoorwill Associates Inc., Ambassador’s lender, to whom Ambassador had originally agreed to sell its assets when it filed for Chapter 11 reorganization on April 1. Whippoorwill, based in White Plains, N.Y., is Ambassadors’ largest shareholder
All of Windstar’s luxury
yachts are sailing as scheduled, serving
customers and guests with a high level of
attention to their travel experience.
During a court-supervised competitive
bidding process in compliance with Section
363 of the U.S. Bankruptcy Code, TAC Cruise
LLC submitted a winning bid of $39 million
in cash and has agreed to take on certain
tax liabilities.
Windstar will be operated as a wholly-owned
subsidiary of Xanterra Holding Corporation
of Greenwood Village, CO. Xanterra Holding
Corporation and its affiliates have operated
in the hospitality and leisure industry for
more than 100 years.
“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,” said Andrew N. Todd, CEO of
Xanterra Holding Corporation. “Xanterra
intends to maintain Windstar’s business and
operations and to invest in Windstar’s
growth following the close of the sale.”
Hans Birkholz, CEO of Ambassadors and
Windstar, said, “Windstar is very pleased
with the successful outcome of this sale
process and expects to complete it by early
next week. Windstar is excited to have its
new owner join in building Windstar’s world
class brand. Windstar will be
well-positioned for long-term profitability
and success under new ownership and we will
continue to provide exceptional service and
extraordinary luxury travel experiences for
our guests.”
It is expected that Ambassadors’
stockholders and holders of Ambassadors’
convertible notes will not receive any
distribution following the sale and these
securities will likely have little, if any,
value following Ambassadors’ Chapter 11
proceeding.
