Today seems to be the “motion to extend” day for Diamond which is currently working its way through its Chapter 11. The latest motion concerns the property it leases for its operations. In the motion, the company asks to extend its decision by 90 days to August 12 to either assume or reject its unexpired leases and sub-leases for its “nonresidential real property.”
The anticipated closing date for Diamond’s sale to Universal and Sparkle Pop is May 14 and there’s still work being done as far as the details of that.
And because things aren’t settled, Diamond has no idea what it’ll be doing with its property leases. They still need the office and warehouse facilities to keep operating but who knows what’s to come.
Currently, Diamond and its new owners have 120 days after the deal is supposed to close, so 120 after May 14 but they want an additional 90 days.
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Source: Graphic Policy
