For the second time in two months, Bank of America has reduced the amount of money available to Ambassadors International under its line of credit.

Ambassadors' line of credit was cut from $7.5 million to $6 million. The amendment also reduced the amount of restricted cash held by the bank.

Ambassadors -- which has cruise, marine management and event management businesses -- saw Bank of America reduce the company's line of credit from $12.5 million to $7.5 million in late July.

At the end of April, Ambassadors announced it was putting Majestic America Line, its U.S. river and coastal cruising business, on the block after numerous setbacks.

Analysts appeared to be frustrated during Ambassadors' second-quarter earnings call at the end of July, when the company remained relatively mum about finalizing the sale of Majestic and the company's future.

In assessing Ambassadors' balance sheet, at least one analyst suggested the financial benefits of liquidation following the Majestic sale.

Ambassadors stock is trading at about $2 per share; a year ago, the stock was trading in the $25 range. The company lost $14.3 million in the first six months of 2008.