In a surprise in what has been a wild ride of a bankruptcy, Alliance Entertainment announced revealed in an SEC filing that was not going through with its bid to acquire Diamond Comic Distributors and more.
While there has been no official court announcement it is expected that Diamond will now going with the second highest bid which was a joint bid between Universal Distribution and Ad Populum. The announcement below mentions “bidders,” which makes it likely this is the case.
After Alliance originally won the bid, Diamond made a surprise announcement of its own that it was going to go with Universal Distribution and Ad Populum‘s bid which caused Alliance to threaten a lawsuit to force their bid being accepted. On April 10, Alliance was eventually officially announced as the winning bid.
Early today, Diamond released the following statement from Diamond Chief Restructuring Officer Robert Gorin but does not mention the “who.”
Diamond Comic Distributors has pivoted to alternative, exceptionally well-known purchasers who are excited to partner with us. These companies have strong balance sheets and, importantly, unmatched presence and experience in our core industries. We are finalizing purchase agreements with these third parties and expect to announce the identities of these purchasers and seek court approval very shortly to complete the sale transactions.
(via Business Wire)
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Source: Graphic Policy
