Troutman Sanders Receives Turnaround Atlas Award for Titanic Deal
ATLANTA – Troutman Sanders LLP has received a 2019 Turnaround Atlas Award, winning in the Cross Border Special Situation M&A Deal category, for an all-asset sale on behalf of Premier Exhibitions, Inc., a leading provider of museum-quality exhibitions throughout the world. The bankruptcy case is captioned as In re Premier Exhibitions, Inc., et al., Case No. 3:16-bk-02232, pending in the United States Bankruptcy Court for the Middle District of Florida.
The firm assisted the debtors in selling substantially all of their assets, including the shares of RMS Titanic, Inc., the owner of approximately 5,500 Titanic artifacts and salvor-in-possession of the Titanic wreck site, through an auction process under Section 363 of the Bankruptcy Code. The purchaser is an investor group consisting of Apollo Global Management, Alta Fundamental Advisers, and PacBridge Capital Partners.
The transaction was incredibly complex, involving the sale of both U.S. and Canadian assets, two competing Chapter 11 plan proposals by the official committees, and matters of general corporate M&A law, securities law, bankruptcy law, IP law, and admiralty law. The Troutman Sanders team advising the debtors in the matter was led by Harris Winsberg and Matt Brooks and included Matt Roberts, Kristen O’Connor, Brett Goodman, Hugh McDonald, Frank Montes de Oca, and Brad Resweber.
The Turnaround Atlas Awards, presented by the Global M&A Network, are independently governed and recognize the best value-creating transactions, outstanding firms, professionals and legendary leaders from the international restructuring, investing, distressed M&A, and turnaround communities for successfully closing transactions. Troutman Sanders accepted the award at the 11th Annual Turnaround Atlas Awards Gala on May 20 in New York.
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