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Premier Exhibitions Bankruptcy Objection Filed

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Premier Exhibitions’ ad hoc group of equity security holders filed with the U.S. Bankruptcy Court an objection to the Company’s motion for bidding procedures in connection with the sale of all or substantially all of the Debtors’ assets.

The objection asserts, “By approving the Bidding Procedures, this Court would seal the Debtors’ fate to a wholesale liquidation of the Debtors’ assets. The significance of foreclosing better alternatives, which are available, as well as the potential for erosion of significant equity value, should not be overlooked. The parties should be moving with caution rather than haste, as there is no immediate liquidity crisis that demands otherwise.”

In addition, “The Debtors are seeking approval for an unprecedented sale of thousands of historical artifacts within two months, with no stalking horse bid and without consulting with an accredited auction house on the best process for doing so. Whether by design to facilitate an insider bid that wrests these assets away from minority equityholders, like the members of Ad Hoc Equity Group, or for some other purpose, the risks attendant to the course charted by the Debtors are manifest and wholly unnecessary. Therefore, the Ad Hoc Equity Group has expressed its willingness to backstop an alternative for the benefit of all stakeholders (other than bidding insiders) so that an industry expert can be engaged to run a fair auction process within an appropriate timeframe. Thus far, however, the Debtors have not consented and have withheld access to any information from the Ad Hoc Equity Group sufficient to prepare a proposal….The Debtors’ cases will not crater, nor will the Debtors’ business operations be jeopardized, by a short adjournment of the Sale Motion.”

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The post Premier Exhibitions Bankruptcy Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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