Premier Exhibitions’ official committee of equity security holders filed with the U.S. Bankruptcy Court an objection to the Debtors’ second motion for an exclusivity extension.
The objection asserts, ‘In the Motion, the Debtors point to the existence of multiple debtors in the Bankruptcy Case and the contested nature of the Debtors’ rights to the French Artifacts as well as the ongoing litigation concerning the remaining Titanic artifacts and argue that, as a result, the Bankruptcy Case is complicated, and a further extension of the Debtors’ exclusivity is therefore warranted….The reality is that there is nothing about the Debtors’ cases so large or complex as to explain the Debtors’ utter lack of progress for the past six months. While there are multiple Debtors, the Debtors’ assets, which they value to be in excess of $200 million, far exceed the claims filed in the case.”
In addition, “There are numerous avenues to explore to monetize these assets and to restructure the Debtors’ corporate and financial landscape. Yet the Debtors hold onto the sale of the Titanic Artifacts as the centerpiece of their efforts and assert that the Chapter 11 case itself cannot be resolved without the resolution of the French adversary proceeding. That is simply not accurate. In arguing that point, the Debtors add unnecessary complexity.”
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