If Ambassadors International does not sell assets, get additional financing and/or renegotiate debt obligations, it may be forced to seek bankruptcy protection, the company said in its annual earnings report.

Ambassadors intends to sell its event-management and marina businesses while retaining Windstar Cruises.

In its 2008 financial report, which was filed late with the Securities and Exchange Commission, Ambassadors said the company was in discussion with potential buyers but had completed no transactions.

Without additional financing or cash from selling assets, Ambassadors said it would be forced to extend payment terms with vendors, suspend or curtail operations, or seek bankruptcy protection.

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