Diamond Glass extends asset sale bid deadline, auction date

By Caroline Salls

Pittsburgh, May 22 - Diamond Glass has agreed to extend the bidding deadline in connection with the sale of substantially all of its assets to give potential bidders more time to conduct due diligence, according to a company news release.

Under the new schedule, letters of intent will be due on June 10; bids will be due by noon ET on June 17, extended from June 3; the auction will be held on June 19, instead of June 5; and the sale hearing will be held on June 20, postponed from June 6.

Diamond Glass said some of the potential bidders requested more time to conduct due diligence, and Belron International Ltd. and Belron US Inc. filed a motion asking the court to extend the bid deadline.

"Although we did not want to delay the auction, we changed our position after determining that other potential bidders could make good use of the additional time, and that no bidders were seeking to delay the June 30 closing date," Diamond Glass president Bill Cogswell said in the release.

The company said its debtor-in-possession financing expires on June 30, so a delayed closing would have raised doubt about the company's operations in July.

Diamond Glass, a Kingston, Pa., automotive glass replacement and repair company, filed for bankruptcy on April 1 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 08-10601.

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