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Diamond Comic Distributors has filed for Chapter 11 bankruptcy protection as it undergoes restructuring and pursues buyers for its business divisions and distribution lines.
Canadian company Universal Distribution has put in a $39 million bid to buy Alliance Game Distributors, which distributes board games, card games, tabletop roleplaying games, and related items. Universal has also signed a letter of intent with Diamond to purchase Diamond UK.
Diamond has secured $41 million in debtor-in-possession financing, which will be put toward post-petition operating expenses and meeting financial obligations. The company is also soliciting offers for Diamond Book Distributors, Collectible Grading Authority, and Diamond Select Toys, along with its main distribution lines.
"Diamond has been a linchpin of the comic book industry for over four decades," said president Chuck Park. "Our priority has always been to provide quality service to publishers, retailers, and, ultimately, comic fans, and we remain committed to finding additional buyers for our businesses."
Per Bleeding Cool, the bankruptcy filing comes after major comic book publishers like Marvel, DC, Image, IDW, Dark Horse, and Boom! Studios have left Diamond.