Premier Exhibitions and seven affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Middle District of Florida, lead case 16-03320 (RMS Titanic).
The Company, which creates museum quality exhibitions, is represented by Daniel F. Blanks of Nelson Mullins Riley & Scarborough According to a corporate release, Premier Exhibitions recently announced certain actions to address its financial condition and deteriorating liquidity.
The Company notes, “Despite aggressive efforts to manage these issues, the burden of the Company’s lease in New York City and other legacy business issues remain obstacles to the Company’s ability to conduct business. Faced with these obstacles and upcoming lease payments due, the company has determined that it would be in the best interest of its stakeholders to file for reorganization relief under Chapter 11. Operating under the protection of Chapter 11 will provide the company’s most important vendors with assurances that they will be paid. Further, the company intends to create a restructuring plan that should allow Premier to emerge as a stronger business. Further, as part of its restructuring efforts, the company will continue to assess the productivity of all assets, review additional cost-cutting initiatives and explore strategic alternatives to maximize the value of the business.”
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