Premier Exhibitions Extends Deadline for Selection

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Premier Exhibitions Extends Deadline for Selection

Postby Andrew Clarkson » Wed Sep 27, 2017 7:15 am

ATLANTA, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (OTCQB:PRXIQ) the company that serves as sole legal steward of the RMS Titanic wreck site, today announced that it has extended the deadline for selection of stalking horse bidder for the acquisition of the company’s operating businesses and its assets, including the priceless Titanic artifact collection. The company intends to announce the stalking horse bidder on or after October 9, 2017.

Over the past several weeks, Premier has reviewed the applications and qualifications of interested parties that have come forward to apply for stalking horse bidder designation. As Premier continues evolving conversations with multiple potential bidders, it has extended the deadline to provide additional time for the required diligence and assessment. Premier expects to conclude the process by October 9, 2017. In the event that an auction is to be conducted, it is expected that such auction will occur by December 12, 2017, at which time other potential bidders will have the opportunity to bid against the stalking horse bidder.

Among other things, bidders are competing to own the most valuable, unique collection of Titanic assets ever offered for sale. The Titanic collection consists of the only artifacts ever recovered from the wreck site of Titanic, which tragically sank on April 15, 1912.  The artifacts, which have been painstakingly conserved and researched, have been used to educate millions of people around the world about the story of Titanic and her passengers.

The collection includes approximately 5,500 individual pieces that have been recovered from the wreck site over the course of seven deep sea dives; ownership of video footage, imagery, and other intellectual and personal property; and the opportunity to be designated “salvor-in-possession,” permitting the owner exclusive salvage rights to the wreck and wreck site. The portfolio of artifacts, with enhancements recognizing the value of the intellectual property, was appraised at $218MM in 2014. The auction of the collection is subject to approval of the US District Court for the Eastern District of Virginia, Norfolk Division, and the United States Bankruptcy Court for the Middle District of Florida (Jacksonville Division).

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Andrew Clarkson,
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