Bankrupt Titanic salvage firm for sale

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Bankrupt Titanic salvage firm for sale

Postby Andrew Clarkson » Tue Jun 20, 2017 4:27 pm

A year ago, the owner of 5,500 artifacts from the RMS Titanic hoped the sale of just a handful of those items could solve its financial problems.

But after that plan was rejected, the company is putting the entire business and its collection, which it values at more than $200 million, up for sale.

Premier Exhibitions Inc. and several subsidiaries, including RMS Titanic Inc., filed for Chapter 11 reorganization in U.S. Bankruptcy Court for the Middle District of Florida in Jacksonville in June 2016.

The company owns exclusive rights to recover artifacts from the wreck of the Titanic, and produces exhibitions of artifacts of the doomed ship and other historical items, such as King Tut’s tomb.

When it filed its Chapter 11 petition, Premier valued its Titanic collection at $218 million. Restrictions set by U.S. court rulings and by the French government prevented Premier from selling off those artifacts, in the interest of preserving history.

Premier worked with a French oceanographic institute to recover some of the artifacts.

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All the best,
Andrew Clarkson,
Andrew Clarkson
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Re: Bankrupt Titanic salvage firm for sale

Postby VW1956 » Wed Jun 21, 2017 7:00 pm

Hello. I wonder if a person were to buy out the artefacts. Would they then own the rights to begin salvaging again.
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