The U.S. Bankruptcy Court approved Premier Exhibitions motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including October 20, 2017 and January 12, 2018, respectively.
As previously reported, “The Debtors have thus far satisfied each milestone contained in the PSA, which has not been terminated as of the filing of this Motion. Moreover, the Debtors and the Committees are each working diligently toward the sale and plan process contemplated by the PSA. To that end, both Committees have consented to the extension of exclusivity requested herein. Without an appropriate extension of exclusivity, however, the PSA would be subject to immediate termination. Thus, an extension of exclusivity is necessary to allow the Debtors and the Committees to continue their efforts to work toward a sale and plan contemplated in the PSA. Moreover, any extension of the Debtors’ exclusive periods to dates prior to October 20, 2017, and January 12, 2018, would merely waste estate resources seeking further extensions of exclusivity while the Debtors should be focusing on consummating the sale and plan contemplated in the PSA.”
In addition, “Further, the Debtors have obtained approval of a DIP financing agreement of up to $5,000,000 that will sustain operations and funding of administrative expenses until a plan can be confirmed. Creditors and parties in interest will only benefit from the extension requested by this Fourth Exclusivity Motion so that the Debtors and other interested parties can focus their resources on consummating a consensual sale and plan pursuant to the PSA.”
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