Premier Exhibitions, the owner of RMS Titanic Inc and operates many touring exhibitions that includes Titanic:The Artifact Exhibition, has filed for Chapter 11 bankruptcy protection. The company states in its press release:

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.

Well this is both good and bad news for shareholders. Shareholders have seen the value of their shares fall (and suffered a double bounce as well)considerably. But the voluntary move to reorganize the company in bankruptcy court means it can reduce the liabilities causing it considerable problems. It also means they must open their books up for the court to examine (which will use independent auditors)to determine what the assets and liabilities are. Secured creditors will get paid but how much will be determined by the court.

Of course there is one big asset namely the Titanic Artifact Collection. And the bankruptcy court will now be handling its disposition. Interesting to see how that plays out down the road.

Sources:
1.Premier Exhibitions, Inc. to Reorganize Under Chapter 11 (Nasdaq
Globe Newswire, 14 June 2016)
2. Premier Exhibitions in Chapter 11 bankruptcy (Atlanta Journal Constitution, 14 June 2016)

Information:
Bankruptcy(U.S.Courts.gov)
Learn about bankruptcy (Chapter 7, Chapter 13, and Chapter 11) for consumers and business owners.(Nolo.com)