Tag Archives: jp morgan chase

Court Approves Diamond’s Fifth Stipulation with JPMorgan Chase Extending the Maturity Date

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Diamond Comic Distributors

During Diamond‘s Chapter 11, they have taken a line of credit from JPMorgan Chase to keep the lights on, known as a DIP (Debtors in Possession) Credit Agreement. This agreement has been changed and amended multiple times so far with the “fifth stipulation” now approved by the court.

This matters because it impacts what Diamond owes to whom and when it has to be paid back. It tends to be that banks are one of the first to get paid back in bankruptcy cases, so what agreements with banks matter to the creditors that Diamond owes.

This order extends the Maturity Date of the borrowing through the wind-down of the chapter 11 case. That provision now reads:

means, at the election of the DIP Lender, the earliest to occur of: (a) the date on which the DIP Lender provides, via electronic or overnight mail, written notice to counsel for the Debtors and counsel for the Committee of the occurrence and continuance of an Event of Default; (b) the effective date of an Approved Plan; (c) the filing of any chapter 11 plan other than an Approved Plan by the Debtors or any party in interest; unless such plan contemplates the indefeasible payment in full in cash of the Aggregate Credit Obligations; (d) the date that the Bankruptcy Court orders (x) the conversion of the Chapter 11 Cases to Chapter 7 liquidations, or (y) a dismissal of the Chapter 11 Cases; or (e) August 23, 2025.

Previous changes have impacted the maturity date as well as the amount. While these types of story aren’t exciting, they do mean a lot as Diamond has yet to come up with its plan to pay back its creditors (aka comic and publishers among others) and its recent announcement to liquidate stock it has on consignment to raise money.

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Geppi Family Enterprises, Diamond’s Parent Company, Adds to its Leadership Team and Opens Up Credit with JP Morgan Chase

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Steve Geppi, Chairman and CEO of Geppi Family Enterprises

Geppi Family Enterprises (GFE), the parent entity of Diamond Comic Distributors, Alliance Games Distributors, and other Stephen A. Geppi-owned companies, has expanded its leadership team. In addition, it has announced changes to help expand into new product lines and markets to raise sales and profitability.

Formed in 2015, GFE was created to encompass all the companies owned by Diamond Comic Distributors’ Founder and President & CEO, Stephen A. Geppi. The holding entity is comprised of a dozen companies, among them Diamond Comic Distributors, Alliance Game Distributors, Diamond Select Toys, Baltimore Magazine, Hake’s Auctions, Diamond International Galleries, and Gemstone Publishing.

Stan Heidmann, President of Geppi Family Enterprises

GFE has updated its current leadership structure to add an Office of The Chairman, comprised of Geppi as Chairman and CEO; current GFE Executive Representative, Joe Foss, who will serve as Vice Chairman; and Stan Heidmann, who will join the team as President.

Prior to joining GFE, Heidmann was Finance Division Executive – Revenue Management at PepsiCo, where he led their distribution, revenues and finance teams for the Mid-Atlantic region. 

In addition to the hiring of Heidmann, Geppi also announced that he will be establishing an Advisory Board for the Geppi Family Enterprises level.  The board will be comprised of accomplished executives from a variety of different industries, including the comic book industry.

Geppi also announced that both Diamond and Alliance Game Distributors are entering a new banking relationship with JP Morgan Chase. The new credit facility will support Diamond and Alliance’s efforts to expand, create new products, and raise profitability.

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