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Posted in: Comics, Current News | Tagged: bankruptcy, diamond
Thirty Parties Currently Looking at Buying Diamond Comic Distributors
Thirty interesting parties are currently looking at buying up Diamond Comic Distributors. But not, like, you know, fun parties.
Article Summary
- Thirty parties under NDA are considering purchasing Diamond Comic Distributors amid Chapter 11 proceedings.
- Raymond James contacted 116 potential buyers; 37 approached Diamond independently for inquiries.
- Key dates: Bid deadline Mar 19, auction Mar 24, sale hearing Mar 26, closing by Apr 10, 2025.
- Universal Distribution signs Stalking Horse Agreement, offering $39M for Alliance Games and Diamond UK.
According to paperwork filed with the courts regarding Diamond Comic Distributors' Chapter 11 bankruptcy proceedings, the Debtor Investment Banker Raymond James has been looking for potential purchasers of Diamond Comic Distributors' assets. They have contacted one-hundred-and-sixteen parties, sixty-two of whom were previously contacted before the bankruptcy petition was filed and fifty-four of whom were reached out to afterwards. Thirty-seven of these parties came to Diamond independently to make inquiries.
Raymond James states that they have had numerous conversations with multiple parties in that endeavour. Currently, around thirty parties are under Non-Disclose Agreements regarding any potential purchase of assets. A substantial number of them are actively conducting diligence, including site visits.
There is a bid deadline of the 19th of March 2025, an auction on the 24th of March, a sale hearing on the 26th of March, and sales closing by the 10th of April 2025. Shortly after that, we should have a better picture of how things are looking. Some people have erroneously stated the 1st of April for such a date, but that was wrong. The Chapter 11 bankruptcy period is thirteen weeks, so we should know closer towards the end of April.
On the 13th of January, the Canadian company Universal Distribution signed a Stalking Horse Agreement for a $39,000,000 purchase of the profitable Alliance Games Distribution part of Diamond, as well as Diamond UK. Of course, they could be outbid, but this provides a base level for bids and some confidence for debtors while giving Universal certain discount perks on the purchase price by being the bidder willing to stick their neck out first.
Bleeding Cool ran a list of Runners and Riders looking at potential bidders, but at this point, it could be pretty much anyone. But it is worth knowing that either a) business partners may be interested in continuing Diamond in some form or b) the vultures are circling.
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