Bow of the Titanic at rest on the bottom of the North Atlantic
NORFOLK, Va. (AP) -- Premier Exhibitions has dropped plans to sell thousands of Titanic artifacts to a consortium in Virginia.
Atlanta-based Premier said Wednesday that it has terminated a non-binding letter of intent with a Hampton Roads consortium. The company didn't identify the consortium.
President and CEO Samuel Weiser says in a news release that the company believes Hampton Roads is the ideal location for the collection's permanent home. But he says the consortium failed to secure financing for the transaction.
For the benefit of shareholders, Weiser says the company believes it needs to pursue alternatives to sell the artifacts.
A Premier subsidiary, RMS Titanic Inc., oversees the artifacts as the court-recognized salvor.