May 28, 2017 3:20 AM ET

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Company Overview of RMS Titanic Inc.

Company Overview

RMS Titanic, Inc. engages in developing and touring museum exhibitions. The company operates as the salvor-in-possession of the Titanic wreck. The company was incorporated in 1993 and is based in Atlanta, Georgia. RMS Titanic, Inc. operates as a subsidiary of Premier Exhibitions Inc. On June 14, 2016, RMS Titanic Inc. along with its affiliates filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Middle District of Florida.

3340 Peachtree Road N.E.

Suite 2250

Atlanta, GA 30326

United States

Founded in 1993

Phone:

404-842-2600

Fax:

404-842-2626

Key Executives for RMS Titanic Inc.

Interim Chief Executive Officer of Premier Exhibitions Inc. and President of Premier Exhibitions Inc.
Age: 56
Collections Manager
Compensation as of Fiscal Year 2016.

RMS Titanic Inc. Key Developments

Premier Exhibitions Proposes Sale Of Titanic’s Wreckage

Premier Exhibitions, Inc. (OTCPK:PRXI.Q) proposed the sale of Titanic’s wreckage in a May 18, 2017 filing in US Bankruptcy Court in Jacksonville, Florida. Premier Exhibitions and RMS Titanic Inc. filed for Chapter 11 protection in June 2017, amid a fight over artifacts it recovered from the vessel with the help of the French government. Premier said in court papers that, with creditor approval, it will market the Titanic relics and seek to line up an opening bidder for the auction, tentatively set for November 2017. Whether items will be sold separately has yet to be determined. The bankruptcy court must approve any sale. Creditors are owed more than $10 million, according to court filings. The sale could raise enough cash to repay them and offer shareholders a recovery as well, making the fate of RMS Titanic much happier than that of its namesake vessel.

Motion for Asset Sale Rejected for RMS Titanic Inc.

The US Bankruptcy Court gave an order denying the sale of certain assets of RMS Titanic Inc. on July 22, 2016. The motion for the asset sale was filed by the debtor on June 20, 2016. The assets include 2,100 artifacts from French collection out of a total of 5,500 artifacts from Titanic salvage site. The debtor sought to sell only a narrow subset of artifacts from French collection to pay creditors in full, return as equity positions to debtors' shareholders and fund some of the Titanic reserve account. The debtor acknowledged the agreement with French officials to not carry out a commercial transaction concerning artifacts, that the agreement is a restriction on their ability to transfer assets and that the market views the debtor as lacking clear title to convey the French artifacts. And thus, the order is denied.

Motion for Asset Sale Filed by RMS Titanic Inc.

RMS Titanic Inc. filed a motion in the US Bankruptcy Court for the sale of its certain assets on June 20, 2016. The debtor seeks the Court’s approval to market and sell its certain assets. The debtor’s assets include certain Titanic Artifacts from the French Collection. The debtor believes that the sale would generate enough revenue to pay all of the debtors’ creditors in full, return all of the equity to the debtors’ shareholders and provide working capital for the debtors as they emerge from bankruptcy.

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Recent Private Companies Transactions

Type
Date
Target
Bankruptcy
June 14, 2016
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