The Titanic is sinking again—but this time, some of its trinkets might be saved in advance.
Premier Exhibitions Inc., the cash-starved company behind the traveling “Titanic” and “Bodies” exhibitions, is asking a bankruptcy judge for approval to sell some of its artifacts.
The company says a sale of some of the “Titanic” artifacts could fetch enough money to pay back all of its creditors, return all equity to shareholders, and even provide for funds for Premier through and after the bankruptcy process. Namely, Premier owes $12 million to unsecured creditors.
Premier filed for bankruptcy protection last week after facing legal challenges and the early closure of its “Saturday Night Live” exhibition. Premier has developed other popular exhibits—among them “Bodies” and “The Discovery of King Tut”—but its first big hit was “Titanic.”
Premier owns more than 5,500 artifacts it salvaged from the wreckage of the Titanic in a series of expeditions spanning more than 30 years. The company says the sale of just four artifacts could fetch $10 million or more at an auction.
Read more; http://blogs.wsj.com/bankruptcy/2016/06 ... nic-items/