Premier Exhibitions, with the consent of its statutory committees, filed with the U.S. Bankruptcy Court a fifth motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including December 14, 2017 and February 14, 2018, respectively.
The motion explains, “The Debtors and the Committees have entered into the Plan Support Agreement (the ‘PSA’) approved by this Court by Order entered July 6, 2017. The PSA contemplates a marketing and sale process for the Debtors to be consummated through parallel sale and plan confirmation processes. The Debtors and the Committees are each working diligently toward the sale and plan process contemplated by the PSA, which includes certain milestones related to filing a plan and disclosure statement. The Committees have agreed to extend certain milestones in the PSA in connection with the sale process and the filing of a plan and disclosure statement to allow the Debtors time to select and enter into a definitive agreement with a stalking horse bidder.”
In addition, “To that end, both Committees have consented to the extension of exclusivity requested herein. Without an appropriate extension of exclusivity, however, the PSA would be subject to immediate termination. Thus, an extension of exclusivity is necessary to allow the Debtors and the Committees to continue their efforts to work toward a sale and plan contemplated in the PSA. Moreover, any extension of the Debtors’ exclusive periods to dates prior to December 14, 2017, and February 14, 2018, would merely waste estate resources seeking further extensions of exclusivity while the Debtors should be focusing on consummating the sale and plan contemplated in the PSA.”
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