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Cruise News for the Corporate Travel Professional |
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Ambassadors warns on debt, capital issues |
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Ambassadors International said it had breached
certain financial covenants with lenders at the end of 2008 and is
seeking additional sources of capital due to the economic downturn.
The company also warned that if assets cannot be sold or additional
capital raised, there may be ‘substantial doubt’ about its ability
to continue as a going concern. The comments came in a filing explaining why Ambassadors was unable to produce its annual report on Form 10-K with the Securities and Exchange Commission within the prescribed period. The company needs more time to provide information for the 10-K due to factors including the renegotiation of debt obligations. Other factors include the review and analysis of the fair value of long-term assets and the negotiation of other sources of capital. In February, Ambassadors announced plans to sell non-Windstar Cruises assets, including the marine, travel and events, and insurance businesses. |
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