Ambassadors International has filed for chapter 11 bancruptcy protection on April 1, 2011. In mid-May a new company with the name of "TAC Cruises LLC" has bought all the assets of the company, including the Delta Queen for $39 million in cash. TAC Cruises is an affiliate of Xanterra Holding Corp, which is owned by billionaire Philip Anschutz.

The main asset of Ambassadors International has been Windstar Cruises with several sailing cruise vessels which TAC Cruises will now continue to run. The Xanterra Holding Corporation operates lodges, restaurants, tours and activities in national parks, state parks and resorts under the brand name of Xanterra Parks & Resorts. Xanterra has operations at Grand Canyon, Yellowstone, Mount Rushmore, amongst others.

This just as a brief update, not much more information is available at this time. For now, the Delta Queen will remain at Chattanooga as a floating hotel. No information is available about any plans of the new owners regarding the Delta Queen.