In Diamond Comic Distributors’ bankruptcy filing, Penguin Random House is listed as their largest creditor, owed $9.2 million. Among other publishing companies, Disney Consumer Products is owed $1.7 million; Simon & Schuster $600,000; VIZ Media $421,000; and Titan Publishing $357,000. Restructuring firm Getzler Henrich & Associates is a “financial advisor” in the bankruptcy and managing director Robert Gorin is co-chief restructuring officer of the company now according to the filing. Raymond James & Associates is the investment banker advising on the sale of the business units.
Bankruptcy
Diamond Comic Distributors Files For Bankruptcy
Diamond Comic Distributors filed a voluntary petition for bankruptcy in the United States Bankruptcy Court for the District of Maryland, “to facilitate the restructuring of its business.” Universal Distribution has made a $39 million stalking horse bid for the Alliance Game Distributors unit. The company writes in a press release that they have received $41 million in debtor-in-possession financing from JP Morgan Chase to “fund post-petition operating expenses and ensure adequate working capital to meet its obligations to associates and suppliers.” Universal has also entered a Letter of Intent to buy Diamond UK. In what appears to be an organized […]
Distributor Bankruptcy Leaves Verso Owed £1 Million
Following the bankruptcy of distributor Marston Book Services and its parent company United Independent Distributors, publisher Verso posted online that Marston owes the publisher £1 million in book sales dating back to January, which they are unlikely to recover. The company has launched a Kickstarter campaign to cover some of the loss. They write, “Marston suspended shipping our books at the end of July, having laid off most of its staff, effectively severing Verso’s access to the UK market. Though Verso invested significantly in acquiring, editing, printing, and marketing books it published in the first half of 2024, it has […]
Booktopia Owes Creditors $60 Million; Was Pushed Into Bankruptcy By Credit Card Processor
Booktopia’s bankruptcy administrator told the Australian Broadcasting Corporation that the retailer owes creditors approximately $60 million (AU). McGrathNicol’s Keith Crawford said, “The vast majority of that debt is actually trade creditor debt, principally the suppliers of books,” who are unsecured creditors. The company has about 150,000 orders worth approximately $12 million that have not been fulfilled, many of those for pre-orders. And customers are holding $3 million in gift cards. The story reveals that the re-financing Booktopia had announced in June was derailed by their credit card processor. Booktopia executive chairman Peter George reports that, “Booktopia’s plans were hijacked in […]
Booktopia Files for Bankruptcy
Australian retailer Booktopia finally made its long-awaited announcement, that it is filing for voluntary bankruptcy. The stock continues to be suspended from trading on the Australian Stock Exchange, and McGrathNicol Restructuring is “undertaking an urgent assessment of Booktopia’s business while options for its sale and/or recapitalisation are explored,” a release states. The first meeting with creditors will take place before July 15.
RWA Files for Bankruptcy
Romance Writers of America filed for bankruptcy in Houston on Wednesday, citing declining membership and payment agreements with hotels to host its annual conference. According to the filing, RWA had approximately 10,000 members—whose membership fees support the organization—prior to 2019. During that time, around 2,000 members attended their annual conference. After that, membership went down to about 3,000 and continued falling. In 2018, the organization entered into contracts with Marriott hotels to host its keynote conference every year through 2026, then extended it to 2028 as the events in 2020 and 2021 were moved to virtual. In 2022, RWA attempted […]