Skip to main content

Diamond Sports announced at a status conference today in the Southern District of Texas Bankruptcy Court that it will seek confirmation on July 29, extending deadlines and milestones in its DIP and RSA.

The extended confirmation to July 29 from June 28 is to afford the company time to iron out negotiations and finalize business plan details, according to debtor’s counsel.

Debtor counsel Paul Weiss explained to presiding Judge Christopher Lopez that the DIP lenders and prepetition creditors have agreed to the milestone adjustments, but the August 21 emergence deadline will stay in place.

Distribution deals remain a key focus. Diamond Sports today announced secured long-term agreements with 84% of its partners. Furthermore, a new arrangement with streaming service Fubo is in the final stages of negotiation, according to debtors’ counsel. Contrastingly, talks with Comcast remain at an impasse.

Representatives for the MLB, NHL and NBA all voiced concerns over the lack of transparency and the failure of the company to lock in a deal with Comcast today. James Bromley of Sullivan & Cromwell for MLB and certain clubs stated to Judge Lopez that “we anticipate filing an objection and taking the position that the debtor does not have a viable plan.”

Similarly, counsel for the NBA indicated unease about the upcoming 2024-2025 season today, questioning the debtor’s ability to formulate a sustainable business plan. The NBA has noted an absence of significant progress since the previous May 15 status conference and regards the July confirmation extension as insufficient advancement.

Despite this, Judge Lopez expressed support for the company to continue in its negotiations and advised the leagues that he will be ready to rule if they seek court intervention.

The next debtors’ status conference is June 9 at 15:00 ET.

Jennifer Lappe, J.D.
+1 346 256 1345


This Report is for informational purposes only. Neither the information contained in this Report, nor any opinion expressed therein is intended as an offer or solicitation with respect to the purchase or sale of any security or as personalized investment advice. CreditSights and its affiliates do not recommend the purchase or sale of financial products or securities, and do not give investment advice or provide any legal, auditing, accounting, appraisal, valuation or actuarial services. Neither CreditSights nor the persons involved in preparing this Report or their respective households has a financial interest in the securities discussed herein. Recommendations made in a report may not be suitable for all investors and do not take into account any particular user’s investment risk tolerance, return objectives, asset allocation, investment horizon, or any other factors or constraints.
Information included in any article that includes analysis of documents, agreements, controversies, or proceedings is for informational purposes only and does not constitute legal advice. No attorney client relationship is created between any reader and CreditSights as a result of the publication of any research report, or any response provided by CreditSights (including, but not limited to, the ask an analyst feature or any other analyst interaction) or as the result of the payment to CreditSights of subscription fees. The material included in an article may not reflect the most current legal developments. We disclaim all liability in respect to actions taken or not taken based on any or all the contents of any research report or communication to the fullest extent permitted by law.
Reproduction of this report, even for internal distribution, is strictly prohibited. Receipt and review of this research report constitutes your agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion or information contained in this report (including any investment recommendations or estimates) without first obtaining express permission from CreditSights. The information in this Report has been obtained from sources believed to be reliable; however, neither its accuracy, nor completeness, nor the opinions based thereon are guaranteed. The products are being provided to the user on an “as is” basis, exclusive of any express or implied warranty or representation of any kind, including as to the accuracy, timeliness, completeness, or merchantability or fitness for any particular purpose of the report or of any such information or data, or that the report will meet any user’s requirements. CreditSights may issue or may have issued other reports that are inconsistent with or may reach different conclusions than those represented in this Report, and all opinions are reflective of judgments made on the original date of publication. CreditSights is under no obligation to ensure that other reports are brought to the attention of any recipient of the Products.
CreditSights Risk Products, including its Credit Quality Scores and related information, and discontinued products, such as CreditSights Ratings, are provided by CreditSights Analytics, LLC. CreditSights Limited is authorised and regulated by the Financial Conduct Authority (FCA). This product is not intended for use in the UK by retail clients, as defined by the FCA. This report is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
Certain data appearing herein is owned by, and used under license from, certain third parties. Please see Legal Notices for important information and limitations regarding such data. For terms of use, see Terms & Conditions.
If you have any questions regarding the contents of this report contact CreditSights at
© 2024. CreditSights, Inc. All rights reserved.