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Wednesday, March 15, 2023

‘Slow-motion’ crash: How Diamond Sports’ bankruptcy will affect teams, fans

Diamond said in a statement on Tuesday that it expects to work out a restructuring agreement that will allow it to become a standalone company. Diamond said its top-tier secured creditors will not lose anything in the deal, while secondary and unsecured creditors will wind up with an equity stake in the new company.

In court filings on Wednesday, the Athletic reported that Diamond said it expected the restructuring to wind up by the end of 2023.

It all means that the lights are not at risk of going out, at least not immediately, on Bally RSN channels in most affected markets this baseball season. The situation in Cleveland, Cincinnati, San Diego, and Arizona is a little more muddled, but more on that later.

Most Bally broadcasts could very well go on as usual throughout the season.

“Lots of companies file Chapter 11 and go on their merry way working on their debt without anyone really noticing,” Markell said. “Sears filed Chapter 11. GM filed Chapter 11. Chrysler filed chapter 11. Schwinn Bicycle filed chapter 11. Even Chuck E. Cheese filed Chapter 11.

“The moment you shut down the business, you lose so much value, and it costs so much to start up again with so much uncertainty. The (reason) why you have Chapter 11 is to reduce the loss in value among the stakeholders.”

RoyalsRetro (AG#1F) Posted: March 15, 2023 at 04:52 PM | 5 comment(s) Login to Bookmark
  Tags: sinclair

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   1. Walt Davis Posted: March 15, 2023 at 06:01 PM (#6120491)
Sears is still around?

Anyway, good news although I guees it remains to be seen how good. But at least the sports channels are considered sufficiently valuable assets that they can keep running.
   2. Buck Coats Posted: March 15, 2023 at 08:30 PM (#6120497)
Sears is still around?

Yeah, he got traded to Oakland at the deadline last year...
   3. bigglou115 is not an Illuminati agent Posted: March 16, 2023 at 07:54 PM (#6120577)
I think there's like 40 or so Seaes around. They actually had a sweetheart deal with a company to buy the closed stores, and that company was going to redemise them into small mixed use centers. Unfortunately, a bad contract meant that company was forced to buy more Sears stores than they could afford when Sears declared Ch. 11.

Making things worse, something like 97% of Sears stores were attached to malls, and not all of them had their own parking, so the new centers had to lease parking from the malls they were trying to compete with. Just a terrible business model. Now the mall developers themselves are buying Sears stores and trying to put 1-2 semi-anchors in each building, but the markup isn't as big for Sears as before. That said, the constant stream of cash from closing stores was basically the reason they've been able to have such a graceful fall, and I expect it'll pick up pace now that the original developer is out of the game.
   4. Jack Sommers Posted: March 17, 2023 at 05:38 PM (#6120623)
The $31 million payment owed to the D-backs was defaulted on. There was a two week cure period, but DSG never made the payment. That was expected, but still, having it be official must have been jarring for the organization nonetheless.

Dbacks are the 4th largest creditor, and no other MLB is on the creditor list.
   5. kirstie819 Posted: March 20, 2023 at 09:54 AM (#6120793)
Other common causes include muscle strain from overuse, such as from sports and exercise, or from trauma, such as a fall or car accident. In addition, certain medical conditions, such as arthritis, scoliosis, herniated discs, and spinal stenosis can all cause back pain. John

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