Yamashiro Financial Services won federal bankruptcy court approval Wednesday to buy the gambling vessel Ocean Jewel from Titan Cruise Lines for $7.25 million.
The Pasadena, Calif.-based company will refurbish the ship and re-launch it this year, although its final destination is still to be determined.
First American Bank of Illinois, one of Titan's creditors, had rejected a previous $5 million offer by Yamashiro on Monday, saying it was too low. Titan filed for bankruptcy in August.
Source: TB Business Journal