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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): September 25, 2008</B>

<P style="font-size: 24pt" align="center"><B>Ambassadors International,
Inc.<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="32%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>0-26420</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>91-1688605</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

</TABLE>
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cellpadding="0" width="100%" border="0">

 <TR>
  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>1071 Camelback
Street<BR>
Newport Beach, CA <BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>92660</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(949) 759-5900</B>
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cellpadding="0" width="30%" border="0">

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  <TD width="100%">&nbsp;</TD>
 </TR>
 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>N/A<BR>
</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="display: none; font-size: 10pt" align="center">1
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<P style="font-size: 10pt" align="left"><B>Item&nbsp;1.01 Entry into a Material
Definitive Agreement.</B>

<P style="font-size: 10pt" align="left">On September&nbsp;25, 2008, Ambassadors
International, Inc., Ambassadors Marine Group, LLC, Ambassadors, LLC,
Ambassadors Cruise Group, LLC and Cypress Reinsurance, Ltd., (Collectively,
&#8220;Ambassadors&#8221;), as borrowers, and Bank of America, N.A.,
(&#8220;Bank of America&#8221;), as lender, entered Amendment No.&nbsp;4 (the
&#8220;Amendment&#8221;) to the Loan Agreement dated September 1, 2006 between
Ambassadors and Bank of America (the &#8220;Loan Agreement&#8221;). The
Amendment amends the amount available under the line of credit from $7,524,488
to $5,980,728 and at the same time reduces the amount of restricted cash held
by the bank. The Amendment extends the expiration of the line of
credit to September&nbsp;1, 2009, or such earlier date as the
availability may terminate as provided in the Loan Agreement.

<P style="font-size: 10pt" align="left">The foregoing description of the
Amendment is qualified in its entirety by reference to the Amendment attached
as Exhibit&nbsp;10.1 hereto and incorporated herein by reference.

<P style="font-size: 10pt" align="left"><B>Item&nbsp;9.01 Exhibits.</B>

<P style="font-size: 10pt" align="left">(d)&nbsp;Exhibits

<P style="font-size: 10pt; text-indent: 2%" align="left">10.1 Amendment
No.&nbsp;4 dated as of September&nbsp;25, 2008, to Loan Agreement by and among
Ambassadors International, Inc., Ambassadors Marine Group, LLC, Ambassadors,
LLC, Ambassadors Cruise Group, LLC, Cypress Reinsurance, Ltd. and Bank of
America, N.A., date as of September&nbsp;1, 2006.



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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="left">Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.

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  <TD valign="top">&nbsp;</TD>
  <TD colspan="2" align="left">AMBASSADORS INTERNATIONAL, INC.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">

<TD valign="top"><DIV style="margin-left: 0px; text-indent: 0px">Date:
September&nbsp;30, 2008</DIV></TD>
  <TD valign="top" align="left">By: </TD>
  <TD style="border-bottom: #000000 1px solid" valign="top" align="left">/s/ Blake T. Barnett</TD>
 </TR>


 <TR valign="bottom">
  <TD valign="top"><DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">Blake T. Barnett<BR>
Chief Financial Officer</TD>
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<P style="font-size: 10pt" align="center"><B>EXHIBIT INDEX</B>


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border="0">
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<TR>
  <TD style="border-bottom: #000000 1px solid" valign="top" align="left"><B>Exhibit Number</B></td>
  <TD valign="top">&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid" valign="bottom" align="center"><B>Description</B></td>
</TR>


<TR valign="bottom">
  <TD valign="top" align="left">10.1</TD>
  <TD>&nbsp;</TD>
  <TD align="left">Amendment No.&nbsp;4 dated as of September&nbsp;25, 2008, to Loan Agreement by and among
Ambassadors International, Inc., Ambassadors Marine Group, LLC, Ambassadors,
LLC, Ambassadors Cruise Group, LLC, Cypress Reinsurance, Ltd. and Bank of
America, N.A., date as of September&nbsp;1, 2006.</TD>
</TR>

</TABLE>
</DIV>


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Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): September 25, 2008
Ambassadors International,
Inc.
(Exact name of registrant as
specified in its charter)
Delaware
0-26420
91-1688605
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
1071 Camelback
Street
Newport Beach, CA
92660
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(949) 759-5900
N/A
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material
Definitive Agreement.
On September 25, 2008, Ambassadors
International, Inc., Ambassadors Marine Group, LLC, Ambassadors, LLC,
Ambassadors Cruise Group, LLC and Cypress Reinsurance, Ltd., (Collectively,
"Ambassadors"), as borrowers, and Bank of America, N.A.,
("Bank of America"), as lender, entered Amendment No. 4 (the
"Amendment") to the Loan Agreement dated September 1, 2006 between
Ambassadors and Bank of America (the "Loan Agreement"). The
Amendment amends the amount available under the line of credit from $7,524,488
to $5,980,728 and at the same time reduces the amount of restricted cash held
by the bank. The Amendment extends the expiration of the line of
credit to September 1, 2009, or such earlier date as the
availability may terminate as provided in the Loan Agreement.
The foregoing description of the
Amendment is qualified in its entirety by reference to the Amendment attached
as Exhibit 10.1 hereto and incorporated herein by reference.
Item 9.01 Exhibits.
(d) Exhibits
10.1 Amendment
No. 4 dated as of September 25, 2008, to Loan Agreement by and among
Ambassadors International, Inc., Ambassadors Marine Group, LLC, Ambassadors,
LLC, Ambassadors Cruise Group, LLC, Cypress Reinsurance, Ltd. and Bank of
America, N.A., date as of September 1, 2006.
2
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, as amended, the Registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
AMBASSADORS INTERNATIONAL, INC.
Date:
September 30, 2008
By:
/s/ Blake T. Barnett
Blake T. Barnett
Chief Financial Officer
3
EXHIBIT INDEX
Exhibit Number
Description
10.1
Amendment No. 4 dated as of September 25, 2008, to Loan Agreement by and among
Ambassadors International, Inc., Ambassadors Marine Group, LLC, Ambassadors,
LLC, Ambassadors Cruise Group, LLC, Cypress Reinsurance, Ltd. and Bank of
America, N.A., date as of September 1, 2006.
4