Diamond Comics Files for Bankruptcy, Secures Financing

Diamond Comic Distributors, a major player in the comics distribution industry, has filed for Chapter 11 bankruptcy to restructure its finances and operations. The bankruptcy filing lists liabilities and assets between $50 million to $100 million and includes securing up to $41 million in debtor-in-possession financing from JP Morgan Chase. Universal Distribution has made a $39 million 'stalking horse' bid for Diamond's board game division, Alliance Game Distributors, and expressed interest in acquiring Diamond UK. The decision follows the loss of exclusive publisher relationships and economic challenges exacerbated by the pandemic. Diamond has seen many publishers, including DC and Marvel, leave for other distributors, prompting this move to stabilize and find buyers for its divisions. Chuck Parker, Diamond's president, emphasized their commitment to the comics industry while navigating this transition.