Diamond Sports has filed for bankruptcy protection with plans to eliminate more than $8 billion in debt.
of networks from Disney for $10.6 billion, which included roughly $8 billion in debt.
Last month Diamond Sports said it missed a $140 million interest payment due to its bondholders and would instead enter into a 30-day grace period. During that time the company had been in negotiations with its creditors and other stakeholders in a bid to restructure its debt load,Making matters worse for Diamond, the networks, like other pay-TV channels, have been facing an accelerated rate of cord-cutting in recent years as consumers opt for streaming services.
As part of the restructuring support agreement, Diamond's first-lien lenders will remain unaffected while other secured and unsecured creditors will swap their debt for equity and warrants issued by the reorganized company. Diamond's impending bankruptcy filing has been a concern for the leagues — namely Major League Baseball, as its season begins on March 30 — spurring concerns that Diamond could forgo making rights payments during the bankruptcy process. The NBA and NHL regular seasons are winding to a close.
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