There’s more news on the Diamond Comic Distributors (and Alliance Game Distributors) Chapter 11 filing (see “Diamond Files for Reorganization“), including the end of Diamond’s distribution of Image Comics, and the advisors hired to assist with the process.
Lunar Distribution has notified its accounts that beginning with the Image Comics titles that hit Final Order Cutoff earlier this week, Diamond Comic Distributors will no longer be distributing Image titles. Image plans to print the quantities ordered on January 13 by all distributors, but the quantities ordered by Diamond will be available from Lunar, according to the notification. The first comics to be affected are due to be released the first week of February, with graphic novels due later in the month.
The Diamond companies have retained a number of advisors for the Chapter 11 and sale process. Two restructuring experts appear in the Chapter 11 bankruptcy filing. Robert Gorin, Managing Director of middle market corporate turnaround and restructuring consultants Getzler Henrich & Associates, signed as the Co-Chief Restructuring Officer. Getzler Henrich is listed as “financial advisor” for the bankruptcy. Bradley E. Scher, Managing Member of Ocean Ridge Capital Advisors, which also serves as restructuring advisory and interim management, signed the petition as the only member of the Restructuring Committee.
Raymond James & Associates, Inc. is listed as investment banker, which will advise on the sale of the businesses.
Source: ICV2
