Author Topic: PRXI - Premier Exhibitions  (Read 39136 times)


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Re: PRXI - Premier Exhibitions
« Reply #110 on: July 30, 2018, 01:17:40 AM »

Titanic Artifacts Caught in International Tug-of-War
British museums face off against private investors to "bring the Titanic home."


There is follow up conversation on twitter by ArtkoCapital:

A status conference was held in court on July 25, 2018.


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Re: PRXI - Premier Exhibitions
« Reply #111 on: August 07, 2018, 12:59:35 PM »
Not the best result coming out of the status conference. Judge didn't rule out the debtors sale of the company, Said specifically that debtors get a lot of leeway, and it is okay to sell the company before confirmation of a plan. No combination of all plans into a single one. Next hearing is August 30 to rule on the sale and the 2 competing plans.


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Re: PRXI - Premier Exhibitions
« Reply #112 on: September 14, 2018, 11:07:42 AM »
Premier files an 8k
They propose to sell assets to group led by Apollo (and insiders) for the whopping total of $17.5 mm
Explains stinks.

"Asset Purchase Agreement

 The Debtors have negotiated the proposed sale of substantially all of their assets as a going concern to an acquisition vehicle formed by Apollo, Alta, PacBridge Capital Partners (HK) Ltd., and the Debtors’ secured lenders (Haiping Zou, Jihe Zhang, and Lange Feng) (collectively, the “Stalking Horse Purchaser”), on the terms and conditions outlined in that certain Stalking Horse Purchaser Term Sheet for Sale of Substantially All Assets of Premier Exhibitions, Inc. and its Debtor and Non-Debtor Affiliates, attached hereto as Exhibit A (the “Term Sheet”).

 The material terms of the Term Sheet are as follows: $17.5 million purchase price; due diligence completed by June 5, 2018; proposed break-up fee of the greater of $500,000 or 3% of the purchase price, plus expense reimbursement (collectively subject to a cap of $1 million); the buyer’s payment of all cure costs associated with the assumption and assignment of purchased contracts and real property leases; and proposed bidding procedures that contemplate a public auction for higher and better offers."
I see the Debtor's Plan was approved yesterday - bid raised to $21 million, qualified bids due by 10/5, and if there are any, auction to take place 10/11.
And the court shoots down the equity committee plan saying it is a plan that cannot be confirmed.