Bank Cuts Ambassadors’ Line of Credit

Bank of America reduced Ambassadors International’s line of credit by 40 percent, from $12.5 million to $7.5 million, according to a document Ambassadors filed with the Securities and Exchange Commission on Thursday.

Ambassadors is in the process of selling Majestic America Line, its U.S river and coastal cruise division. On May 6, during the company’s first-quarter earnings call, Ambassadors CEO Joe Ueberroth said that “being a public company with limited resources in a difficult market of low share prices and significant debt, we made the decision to sell Majestic America Line.”