As a passionate film and comic enthusiast, I’ve got some not-so-great news to share. The distributor that’s been our go-to for rare comics, Diamond Comics Distributors, has recently filed for bankruptcy. This means all their assets – including those highly coveted, hard-to-find comic books – are up for grabs and could potentially find new homes soon. It’s a tough blow, but hopefully, this change brings new opportunities for the industry we love.
You can find below a message from Chuck Parker, who is the president of Diamond Comic Distributors, along with an official press release he shared.
Chuck Parker, President of Diamond Comic Distributors, has sent out a message and also released an official statement that you can read below.
Read the message from Chuck Parker, the president of Diamond Comic Distributors, along with his official press release, which he has made available below.
The note indicates that Diamond has requested Chapter 11 bankruptcy protection, allowing them to keep operating as they sort out their financial obligations.
As per the information, Diamond is planning to transfer both its Alliance Game Distributors section and Diamond UK division to Universal Distribution, a company that currently handles distribution for DC Comics.
The message says “we remain committed to pursuing offers for all Diamond lines of business.”
Parker adds Diamond will remain open and will be fulfilling all orders.
Based on bankruptcy records, Diamond has listed 30 different creditors who are yet to be repaid. The amounts owed to these creditors range from a substantial $9.2 million to a more manageable $163,000. Among these creditors, Penguin Random House, known for providing Marvel Comics and other materials, holds the largest claim of $9.2 million. This is followed by Bandai, owed approximately $4.3 million, and NECA, with a debt of around $2.68 million.
Press release
Diamond Comic Distributors Files Voluntary Petition for Relief Under Chapter 11
- Company Received Commitments for $41 Million in DIP Financing
- Universal Distribution Has Made A $39 Million Stalking Horse Bid for Alliance Game Distributors and Non-Binding Letter of Intent to Buy Diamond UK
On January 14, 2025, located in Hunt Valley, Maryland, Diamond Comic Distributors (referred to as “Diamond” or “the Company”) declared that they have filed a petition seeking relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Maryland. This move aims to help reorganize their business operations. As part of this restructuring, Diamond has accepted a $39 million opening bid from an affiliate of Universal Distribution (known as “Universal”) for Alliance Game Distributors.
JP Morgan Chase has pledged up to $41 million for Debtor-in-Possession (DIP) loans, which the Company intends to use to cover costs following a bankruptcy filing, as well as maintaining sufficient funds for meeting commitments to employees and vendors.
Beyond obtaining DIP financing and submitting a stalking horse bid for Alliance Game Distributors, Diamond has attracted significant attention for its specialized business sectors. Additionally, Diamond has entered into a Non-Binding Letter of Intent (LOI) with Universal to buy out Diamond UK. The company is actively seeking and receiving interest from potential buyers for other business segments like Diamond Book Distributors, Collectible Grading Authority, Diamond Select Toys, and its primary comic, toy, and collectible distribution channels.
For more than four decades, Diamond has served as a crucial element in the comic book sector. Our aim has consistently been to deliver top-notch service to publishers, merchants, and, ultimately, comic enthusiasts, and we continue to seek new customers for our operations, according to President Chuck Parker.
Universal Distribution is excited to collaborate with the Alliance and Diamond UK teams for a more robust financial standing and growth prospects for retailers and suppliers,” remarked Angelo Exarhakos, President and CEO of Universal. “Both entities have long-standing ties within the industry, and we eagerly anticipate furthering these connections into the future.
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2025-01-14 23:32