Pending federal legislation may boost the price of the artifacts Premier is looking to sell. A proposed rider in the 2017 Congressional Appropriations Act would ban any exploration of the Titanic not approved by the Secretary of Commerce, which could mean no new salvage dives for the next several years. Meanwhile, bacteria discovered on the wreck may be accelerating its disintegration, according to a 2011 Unesco report on the research. In the end, Premier’s artifacts could be the last to go on 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 Inc. much happier than that of its namesake vessel.
The case is RMS Titanic Inc., 16-02230, U.S. Bankruptcy Court, Middle District of Florida (Jacksonville).
This article was provided by Bloomberg News.