Premier Exhibitions filed with the U.S. Bankruptcy Court a motion approving procedures in connection with the sale of all of substantially all of the Debtors’ assets, scheduling a related auction and approving bid protections.
The motion explains, “Bids must be accompanied by a good faith deposit in readily available funds in the form of cash, a wire transfer (to a bank account specified by the Debtors) or certified check payable to Premier Exhibitions in an amount equal to 10% of the Purchase Price….Despite interest from numerous potential buyers, no stalking horse bidder was designated on the timeline contemplated in the Plan Support Agreement. The Debtors and the Supporting Committees, however, believe a sale and auction process may produce bids for the Assets that will provide consideration at levels that the Debtors and Supporting Committees will support.”
In addition, “The Debtors request that the Court approve sales procedures that will enable potential buyers to submit bids for the Assets or certain Auction Lots and participate in an Auction on February 6, 2018. If the sale process results in a bid for all of the Debtors’ Assets at or above a minimum threshold price agreed to among the Debtors and the Supporting Committees (the ‘Reserve Price’), the Supporting Committees have agreed to support the approval of sale of the Assets through either the confirmation of a chapter 11 plan or by motion and hearing pursuant to Section 363 of the Bankruptcy Code….The Debtor requests entry of the Sale Procedures Order…authorizing, but not directing, the Debtor, to select one or more Stalking Horse Bidders and to provide, if needed, the Bid Protections to any Stalking Horse Bidder, including (i) a break-up fee of up to 3% of the Purchase Price set forth in the Stalking Horse Bid, and (ii) reimbursement for the reasonable fees and expenses of the Stalking Horse Bidder up to 1% of the Purchase Price.”
The following dates are fixed: bid deadline: January 30, 2018 and auction: February 6, 2018.
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