Diamond Comic Distributors, a linchpin in the distribution of comics to comics shops since it was founded in 1982, has made a Chapter 11 bankruptcy filing in the U. S. Bankruptcy Court for the District of Maryland.
According to the filing, Diamond has received $41 million in debtor-in-possession financing from JP Morgan Chase that will be used to fund operating expenses and to meet its working capital needs. The filing also states that Diamond has received a stalking horse bid from an affiliate of Universal Distribution to acquire Diamond's Alliance Game Distributors division for $39 million.
According to the filing, Diamond has received $41 million in debtor-in-possession financing from JP Morgan Chase that will be used to fund operating expenses and to meet its working capital needs. The filing also states that Diamond has received a stalking horse bid from an affiliate of Universal Distribution to acquire Diamond's Alliance Game Distributors division for $39 million.