After a runup on its stock and then a halt in trading, Ambassadors International, Inc. has filed for Chapter 11 bankrupcty which includes the sale of Windstar Cruises as a going concern within 45 days. 
Ambassadors intends on continuing Windstar Cruises with no interruption in service.  More specifically, it intends on all Windstar cruises sailing as scheduled and subject to the same terms and conditions, honoring all fares, reservations and charters, paying commissions and employee wages and benefits as usual and pay all of its vendors.

It seems that this has been fairly carefully organized, but I would be proceeding with extreme caution if you are considering booking a new Windstar cruise or have a Windstar cruise deposited into the future.  While it is hoped that everything works out, there are no assurances things will go as planned.