Whippoorwill to Acquire Windstar Cruises

Whippoorwill Associates has agreed to acquire Windstar Cruises and other assets from cruise company Ambassadors International (NASDAQ: AMIE). Ambassadors has filed for Chapter 11 bankruptcy to facilitate the transaction. Whippoorwill is additionally providing $10 million of DIP financing. Ambassadors is being advised legally by Stroock & Stroock & Lavan and financially by Imperial Capital, while Gibson, Dunn & Crutcher is serving as legal counsel to Whippoorwill.