Posted in : Comics , Current News| Tagged : AENT , bankruptcy , diamond
Diamond Comic Distributors declares " byplay as common " with their raw " partners " in a alphabetic character sent to publisher
Article Summary
Yesterday , Bleeding Cool ran the news that pop culture distributor Alliance Entertainment or AENTwere cancel their eminent eight - form planned leverage of Diamond Comic Distributors , despite gain ground the Chapter 11 failure auction andhaving the Margaret Court substantiate their right to purchasewhenDiamond ’s debtors statedthey preferred alower bidder , Universal Distribution / Ad Populum . Emily Boticas , Vice President of Publisher Relations and Marketing at Diamond Book Distributors , write to publishing company to tell them the pursual , being report by Bleeding Cool for the first clip anywhere .
" You may have get wind or read that Alliance Entertainment made the decision not to proceed with its transaction with Diamond . "
understand it , we reported it .
" While that may be dissatisfactory to find out "
Mostly toDennis Barger …
" … be promise that the sale process will proceed with an alternative married person in the very near term . These spouse … "
Partners , as in plural form . That most likely mean the back - up joint bidders , Canadian distributer Universal Distribution and soda water culture IP owner Ad Populum , are still in the game rather than the other individual liberal bidder , Basic Fun .
" … these partners have substantial balance sheets and , importantly , unmatched presence and experience in our core industry . "
Okay that is most definitely a dig at Alliance Entertainment , who were newcomers to comics , even though they did distribute a lot of merch .
" What does this mean for you ? As we continue with this process , we will be operating on a occupation - as - common base as we have been doing with the same focussing on excellent gross revenue and client service . "
You might ask to hurry that along . The outcome of the deal by AENT ( and more on that later ) imply that Diamond Comic Distributors seems to be in limbo , their bankruptcy - arranged " DiP " funding time period from JP Morgan Chase is over , the thirteen weeks of Chapter 11 protection are up . A lot of publishers , some of which had been pay for continuing distribution under the funding flow are still owed a lot of money from before , and a good chunk of that was due next workweek . Emily concludes …
" On behalf of the Diamond Books family , we need to give thanks you for your stay longanimity and support . Your committal is essential , as we navigate this situation . "
And what a place it has been to navigate . UPDATE : In a imperativeness release , Diamond Chief Restructuring Officer Robert Gorin has stated"Diamond Comic Distributors has pivot to alternative , exceptionally well - known purchasers who are excited to partner with us . These company have strong equalizer sheets and , importantly , unpaired presence and experience in our heart industry . We are settle purchase agreement with these third parties and ask to declare the identities of these purchasers and seek tourist court favourable reception very shortly to make out the cut-rate sale minutes . " Again with the plural . Here ’s a abbreviated recap …
And here ’s that alphabetic character without all of my interjections .
Dear Publishers , You may have learn or read that Alliance Entertainment made the determination not to move with its transaction with Diamond . While that may be disappointing to hear , be guarantee that the sales event mental process will proceed with an alternative partner in the very near full term . These partners have solid residue sheet and , importantly , unmatched bearing and experience in our core industries . What does this mean for you ? As we continue with this process , we will be operating on a business - as - usual basis as we have been doing with the same focus on excellent sales agreement and customer religious service . On behalf of the Diamond Books syndicate , we desire to thank you for your continued patience and financial support . Your commitment is essential , as we pilot this situation . Thanks!Emily Botica ( She / Her)Vice President , Publisher Relations & MarketingDiamond Book Distributors
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