Business
Premier Exhibitions, Inc. to Reorganize Under Chapter 11
Premier Exhibitions, Inc. to Reorganize Under Chapter 11.
About this update from Premier Exhibitions Inc
[{"type":"text","content":"\nPremier Remains Fully Operational and Open for Business Company Intends to Build on Recent Efforts to Streamline the Company and Create a Stronger, More Competitive Business \nATLANTA, June 14, 2016 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (OTCQB:PRXI) today announced that it has filed a voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida (“Bankruptcy Court”) in Jacksonville, Florida.  The company plans to continue operating the business without interruption as management focuses on developing and executing a comprehensive corporate restructuring plan.  In conjunction with the filing, Premier is seeking customary authority from the Bankruptcy Court that will enable it to continue operating its business and serving its customers in the ordinary course.  The requested approvals include requests for the authority to make wage and salary payments and continue various benefits for employees as well as honor tickets purchased by customers and its existing agreements with museum partners.  Premier recently announced that it was taking certain actions to address the company’s financial condition and deteriorating liquidity position.  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.About Premier Exhibitions, Inc.:Premier Exhibitions, Inc. (OTCQB:PRXI), located in Atlanta, G...