Posted in : comic strip , Current News| Tagged : diamond , Diamond UK
Diamond UK states that It Is " a profitable and unchanging business " after Diamond Comic Distributors declares failure
Article Summary
Earlier today , Bleeding Cool broke the news that Diamond Comic Distributors had declared bankruptcy . We also stated that an agreement was in place for the purchase of sister companies Diamond UK and Alliance Games Distribution , also owned by parent company Steve Geppi Enterprises , by Canadian company Universal Distribution . Diamond UK was in the first place Titan Distribution , part of the Titan Comics and Forbidden Planet family of ship’s company . After its purchase , it persist a disjoined vendor of Diamond Comic Distributors within the family structure of businesses , created bySteve Geppi . Well , British and Irish stores have just received the following varsity letter fromMike Holman , Diamond UK General Manager "
" Dear Diamond UK Retailer , Earlier today , it was announced that USA - based , Diamond Comic Distributors , Inc , made an important and necessary move to beef up its financial berth and keep up the inviolable role of its clientele , and file away for Chapter 11 bankruptcy . What does this mean for you ? As a wholly possess subsidiary of Diamond , we want to assure you that Diamond UK is not in failure and will continue to operate business organization as usual throughout this process . Our top precedence is to go on fulfill orders and serving our customers without disruption . Diamond UK is a profitable and stable job and will likely be sell as part of this process . In fact , Diamond has already received a signed varsity letter of Intent from Universal Distribution to purchase Diamond UK . We are sure-footed that under unexampled management , we will be well - positioned for future growth . We will be as crystalline as possible throughout this outgrowth and will keep you informed of any important growing . If you have any question or concerns , please do n’t hesitate to get hold of out to your rep . Thank you for your continued support . "
The official speech is that Diamond Comic Distributors has " filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Maryland to ease the restructuring of its business . As part of the restructuring process , Diamond has received a $ 39 million stalking horse bid from an affiliate of Universal Distribution for Alliance Game Distributors . The Company has experience commitment for up to $ 41 million in debtor - in - self-control ( DIP ) funding from JP Morgan Chase that will be used to fund mail - petition operating expenses and ensure adequate working upper-case letter to meet its obligations to fellow and supplier . " If anyone can parse that , I would be very grateful …
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