May 27, 2018 4:49 PM ET

Hotels, Restaurants and Leisure

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 CEO of Premier Exhibitions Inc. and President of Premier Exhibitions Inc.
Age: 57
Collections Manager
Compensation as of Fiscal Year 2017.

RMS Titanic Inc. Key Developments

Motion for Asset Sale Filed by RMS Titanic Inc.

RMS Titanic Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on November 14, 2017. The debtor seeks the Court’s approval for the sale of substantially all its assets through a public auction. The debtor shall designate a stalking horse bidder by January 16, 2018. The debtor assets include auction lots consisting of the common shares of RMS Titanic Inc., the entire artifact collection, the operations of Premier Exhibitions Inc. and/or any of its subsidiaries (with continued licensing rights for existing operations), and the assets of Premier Exhibitions Inc. and/or any of its subsidiaries. To qualify as a qualified bidder, interested parties should submit their bids by January 30, 2018. The bids must be accompanied by a good faith deposit in the amount of 10% of the purchase price. The initial minimum overbid should be in the amount such that it exceeds the baseline bid by 0.5%. The debtor has scheduled an auction on February 6, 2018. At the auction, the subsequent bids would be in increments of 0.5% of the baseline bid. The stalking horse bidder would be entitled to a break-up fee of up to 3% of the stalking horse purchase price, and expense reimbursement of up to 1% of the stalking horse purchase price in case of termination of the asset purchase agreement.

DIP Financing Approved for RMS Titanic Inc.

The US Bankruptcy Court ordered approving the post petition financing to RMS Titanic, Inc. on July 12, 2017. As per the order, the debtor is authorized to obtain post petition multi draw term loan facility of $5 million from Bay Point Capital Partners LP at an interest rate of 13% per annum, the default interest shall be 18% per annum. The DIP Loan shall mature on the earlier of one year following entry of an interim or final order approving the DIP Financing, 35 days following entry of an interim order, if any, unless a final order is entered, substantial consummation of one or more plans of reorganization and closing of a sale of all or substantially all assets of the debtors. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.45 million towards unpaid professional fees or administrative expenses.

RMS Titanic Collection Up For Sale

RMS Titanic Inc.'s collection is up for sale. Discussions with potential bidders have already begun, said Dave Vermillion, a spokesman for RMS Titanic, a subsidiary of Premier Exhibitions, Inc. (OTCPK:PRXI.Q). Interested bidders have until July 21, 2017 to submit a letter of intent. The winning bid will be selected on November 20, 2017.

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