Diamond asks for $3 million more from JPMorgan Chase Bank

April 25 is the anticipated closing date for the purchase of Diamond Comic Distributors and more by Alliance Entertainment. That’s still some time and Diamond has asked the court to approve an increase their DIP Credit Agreement with JPMorgan Chase Bank from $44.7 million to $47.7 million.

In the motion that you can read below, the request is to continue purchasing product and operate. There’s been an increase already, in March from $42.2 million to $44.7 million but this latest increase looks to bridge the gap until the deal closes. It will:

allow the Debtors to continue to maintain their operations in the ordinary course, as the Debtors are required to do under the terms of the asset purchase agreement with Alliance.