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Posted in: Comics, Current News | Tagged: Alliance, bankruptcy, diamond
Court Hearing To Approve Diamond Sale Is On Monday, But Not Diamond UK
A US bankruptcy court hearing to approve the Diamond Comic Distributors bid is set for Monday... but Diamond UK is not part of the deal
Article Summary
- Diamond Comic Distributors court hearing for sale to Alliance Entertainment set for Monday.
- Sale includes key Diamond assets, excluding Diamond UK operations, which remain unchanged.
- Diamond's Chief Restructuring Officer assures minimal disruption to stakeholders.
- Back-up bids exist if Alliance's bid is not approved; changes are expected.
Diamond Comic Distributors today announced that it is continuing to finalize documentation for the sale of the assets of Diamond Comic Distributors, Alliance Game Distributors, Diamond Book Distributors, Diamond Select Toys & Collectibles, Collectible Grading Authority, and other related assets to Alliance Entertainment (not related in any way to Alliance Game Distributors) The United States Bankruptcy Court for the District of Maryland has scheduled a hearing for Monday, the 7th of April, to consider Diamond's request for the approval of the sale. All divisions of Diamond will continue to operate in the ordinary course as the process continues.
As Bleeding Cool suggested earlier, Diamond's UK business operations are not included in the proposed sale and they state that Diamond UK will continue to operate business as usual as well. What will happen to Diamond UK is still unknown.
"We continue to work diligently with our legal and financial advisors to pursue the best path forward for the company and are pleased with the strong interest in Diamond's assets throughout this process. Our priority as we confirm a buyer remains minimizing disruption to publishers, retailers, our employees, and comic and games fans everywhere. We will continue to provide updates as the process continues," said Diamond Chief Restructuring Officer Robert Gorin.
Diamond Comics Distributors declared Chapter 11 bankruptcy earlier this year, and after a Stalking Horse bid for Alliance Games and Diamond UK, Alliance Entertainment made a winning bid for much of the Diamond and Geppi estate – though not Diamond UK, it seems. If this bid is not approved, there is a back-up bid from Universal (who wants the comics side) and Ad Populum (who wants the games side). But either way, there are plenty of changes coming all over the place. Place your bets as to how this is all going to go down…
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