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Premier Exhibitions Bankruptcy Exclusivity Extension Sought

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Premier Exhibitions filed with the U.S. Bankruptcy Court an amended motion for an extension (with the consent of the statutory committees) of the exclusive period during which the Company can file a plan and solicit acceptances thereof.

The motion explains, “On April 5, 2017, the Debtors filed their Third Motion for Extension of Exclusivity With Consent of Statutory Committees [D.E. 537] (the ‘Third Exclusivity Motion’), which requested that the period during which they have the exclusive right to file a Chapter 11 plan be further extended through and including May 10, 2017, and, if a plan is filed on or prior to May 10, 2017, the Debtors’ exclusive period to gain acceptance of a filed plan be extended through and including July 9, 2017.”

In addition, “The Third Exclusivity Motion is currently set for a preliminary hearing on May 18, 2017. The Debtors and Committees anticipate finalizing a Plan Support Agreement…subject to Bankruptcy Court approval, in the immediate near future. The terms of the PSA justify extending the exclusive periods beyond the dates originally requested in the Third Exclusivity Motion….The PSA will mark a substantial milestone in negotiations between the Debtors and the Committees to resolving these cases on a consensual basis. Without an appropriate extension of exclusivity, however, the PSA would be subject to immediate termination even before its approval is considered by the Court. Thus, an extension of exclusivity is necessary to provide the Debtors and the Committees time to file and seek approval of the PSA, and if approved by the Court, implement its terms.”

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