According to financial-website StreetInsider, Ambassadors International, parent company to Windstar Cruises, has filed for bankruptcy in Delaware.

The Nasdaq exchange suspended stock trading on Friday April 1, at 9:26 am, just before the opening bell, citing “material news pending.” Traditionally, stock halts occur when an exchange also sees "unusual activity."

As of market close on Friday, the stock still remains halted.

Ambassadors International surged this week, going from $1 to $3 a share, with volume in the millions from an average three-month daily volume of just under 40,000, prompting rumors. Total outstanding shares are reported at just over three million.

The company did not file fourth quarter or year-end earnings for 2010, and was said not to need to restructure any debt until 2012.