Ambassadors to Acquire Cruise Company

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Ambassadors International Inc. said Wednesday that it plans to buy American West Steamboat Company LLC from Oregon Rail Holdings LLC.


The Newport Beach-based travel and event management company is run by Joe Ueberroth, son of former Major League Baseball commissioner and head of the Los Angeles Olympics, Peter Ueberroth, who is chairman.


Ambassadors International will pay back $4.3 million in debt and take on $41.5 million in existing loans as part of the deal. It also will pay 250,000 shares, worth about $4 million, if financial targets are met during the four years following the close of the transaction.


The deal, which must be approved by the Department of Transportation, is expected to close in the first quarter of 2006.


Seattle-based American West Cruises operates two ships, the 231-passenger Empress of the North and the 150-passenger Queen of the West.



* Mike Mason of the Orange County Business Journal contributed to this story.

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