Posted in: Comics, Comics Publishers, Current News, Titan | Tagged: bankruptcy, diamond

Titan Comics Joins Diamond Bankruptcy Committee of Unsecured Creditors

Titan Comics has joined the Official Committee of Unsecured Creditors dealing with the Diamond Comic Distributors chapter 11 bankruptcy

Bleeding Cool continues to report on Diamond Comic Distributors' Chapter 11 bankruptcy situation. The United States Trustee has appointed the following creditors to serve on the Official Committee of Unsecured Creditors of Diamond Comic Distributors and associated companies.

• Little Buddy Toys of Anaheim, California
• Simon & Schuster, of Riverside, New Jersey
• Titan Publishing Group Limited/Titan Comics of Southwark, London, UK

Established in 2010, Little Buddy Toys distributes toys and associated products from Japan in the United States. In 2013, Little Buddy obtained the rights to import Nintendo Plus, and since 2016, it has had the rights to distribute Banpresto figures, including Dragon Ball Z, My Hero Academia, One Piece, and Demon Slayer. They are owed over two-thirds of a million dollars by Diamond. Founded in 1924, Simon & Schuster is considered one of the Big Five English language publishers and is the third largest publisher in the United States. They are owed just under two-thirds of a million dollars by Diamond. And Titan Publishing Group was established as Titan Books in London in 1981, including Titan Comics, known for publishing Conan, Doctor Who, Rivers Of London, and Blade Runner comics. They sold their comics distributor Titan Distribution to Diamond in 1994, and it was renamed Diamond UK. They are owed half a million dollars by Diamond.

Bleeding Cool listed Diamond's top thirty creditors, and all three were on it. Unsecured creditors are usually the last to be paid, and the Official Committee of Unsecured Creditors is intended to represent the vast majority of people who are owed money by Diamond Comic Distributors. Dubbed the watchdog of bankruptcies, the Official Committee of Unsecured Creditors is tasked with monitoring debtor filings and compliance in post-petition operations. For a committee to receive formal approval and recognition by the Court, the holders must have incurred adverse impacts directly connected to the particular interest.  According to the Department of Justice, "Members of the Committee are fiduciaries who represent all unsecured creditors as a group. Section 1103 of the Bankruptcy Code provides that the Committee may consult with the debtor, investigate the debtor and its business operations and participate in the formulation of a plan of reorganization. The Committee may also perform such other services as are in the interests of the unsecured creditors which it represents. "

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