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Diamond Sports Group asks court to appoint mediators to case
By Sarah Lizee
Olympia, Wash., Aug. 16 – Diamond Sports Group, LLC has asked the U.S. Bankruptcy Court for the Southern District of Texas to appoint judge David Jones and judge Marvin Isgur to mediate its case issues, according to an emergency motion filed Tuesday.
The company said it has been working on an updated business plan to right-size its business and balance sheet given the shifts impacting the cable industry due to increased cable subscriber churn.
Diamond Sports said that during the cases, including most recently at a status conference last week, various case parties, including the debtors and the official committee of unsecured creditors, have indicated that mediation could help the debtors sort through several issues they must confront on the path toward reorganization.
“The debtors believe that the time for appointment of a mediator or mediators is now as the debtors are operating under a tight timeline and any mediators will need to immediately get up to speed and be in a position to assist the parties on the debtors’ timeline, which requires that substantial plan progress occur prior to the start of the upcoming NBA and NHL seasons,” the company said in its motion.
Diamond Sports said three informal creditor groups and the official unsecured creditors committee have consented to the proposed mediation.
The company said it will continue to work with those parties and the appointed mediators around the scope of a mediation.
Diamond Sports Group is an independently managed and unconsolidated subsidiary of Sinclair Broadcast Group. Diamond owns the Bally Sports Regional Sports networks, a provider of local sports. The Baltimore-based company filed Chapter 11 bankruptcy on March 14 under case number 23-90116.
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