Posted in: Black Mask Studios, Comics, Dark Horse Comics, Dynamite, Fantagraphics, Titan, Valiant, Vault | Tagged: , ,

Publishers & Distributors In Diamond Comics Bankruptcy Seek Mediation

Comic publishers, banks, distributors and debtors in the Diamond Comics Chapter 11 bankruptcy seek mediation in an attempt to resolve several matters.

Published
by
|
Comments

In a new development in the ongoing Chapter 11 bankruptcy proceedings of Diamond Comic Distributors, Inc., a number of involved parties have reached a consensus to refer several contentious issues to the Bankruptcy Dispute Resolution Program. It aims to resolve disputes efficiently through mediation without prolonged litigation. The parties involved in the mediation agreement include the Diamond debtors themselves, the Official Committee of Unsecured Creditors, lender JPMorgan Chase Bank, Sparkle Pop, the purchasers of the Diamond business known as Diamond II, and two groups representing consignment vendors: the Consignment Group and the Ad Hoc Committee of Consignors.

The Consignment Group is made up of fourteen publishers: Aspen, Black Mask, Dstlry, Dynamite, Heavy Metal, Magnetic Press, Massive, Oni Press, Panini UK, Alien Books, Graphic Mundi, Titan Comics, Vault, and Dark Horse. The Ad Hoc Committee includes another thirteen members: Ablaze, American Mythology, Avatar, Battle Quest, Action Lab, Drawn & Quarterly, Fantagraphics, Green Ronin, Hermes Press, Living the Line, Paizo, Udon and Zenescope. Avatar Press is the publisher of Bleeding Cool.

These groups represent comics publishers who have consignment agreements with Diamond. The filing notes that other consignment vendors not part of these groups are welcome to join the mediation voluntarily, and Image Comics has already settled with the Diamond debtors.

The matters slated for mediation include motions by Ad Hoc and Consignment seeking court orders for the Diamond debtors to assume or reject executory contracts with their members. The debtors' motion to enforce the automatic stay and sale order. Twenty-four adversary proceedings initiated by the Diamond debtors against members of the Consignment and Ad Hoc, and their administrative expense claims. Potential avoidance actions under Chapter 5 of the Bankruptcy Code against them. Claims related to proceeds deposited by Sparkle Pop into the court registry.

They have requested the appointment of Thomas J. Catliota, a retired Baltimore bankruptcy judge as the Resolution Advocate. The BDRP conference must be completed by the 29th of October with a joint status report due by the 7th of November. This also allows for potential extensions if agreed upon in writing and filed with the court. All other deadlines related to the Mediation Matters are on pause, pending the outcome of the BDRP and further court orders.

This is not the end, it is not even the beginning of the end, but it just might be the end of the beginning.

You can use these Diamond tabs to keep up with the latest on Bleeding Cool. Here's a timeline if you want to catch up…

Enjoyed this? Please share on social media!

Stay up-to-date and support the site by following Bleeding Cool on Google News today!

Rich JohnstonAbout Rich Johnston

Founder of Bleeding Cool. The longest-serving digital news reporter in the world, since 1992. Author of comic books The Flying Friar, Holed Up, The Avengefuls, Doctor Who: Room With A Deja Vu, The Many Murders Of Miss Cranbourne and Chase Variant. Lives in South-West London, works from The Union Club on Greek Street, shops at Gosh, Piranha and Forbidden Planet. Father of two daughters, Amazon associate, political cartoonist.
twitterfacebookinstagramwebsite
Comments will load 20 seconds after page. Click here to load them now.