Diamond’s Olive Branch Warehouse Plan and Seventh Stipulation Approved

The chapter 11 process for Diamond keeps chugging along with two approvals announced by the court today.

The biggest of the two is an agreement between Diamond and Aireit Memphis DC, the owners of the warehouse Diamond uses. Diamond will pay over $535,000 to cover property taxes that Aireit paid and more and “new” Diamond, now owned by Sparkle Pop, will take over the lease.

There were limited objections from the representatives from the publishers due to fear of insolvency by Diamond but those objections were withdrawn due to some details in Diamond’s Seventh Stipulation with JPMorgan. As part of Diamond‘s chapter 11, they entered into a loan agreement with JPMorgan Chase Bank to get them through the process. The chapter 11 process began in January 2025 and looks like it’ll extend into 2026 before all is settled and done. As it’s a loan, there’s due dates and other details and with the process dragging out, the due dates and details have had to be adjusted.

Beyond the bit that made the publisher’s counsels happy to withdraw their objection, the amount and time table of the loan seems to have shifted again. In the previous release, it had the loan being paid off by early October. Now, the loan amount has increased from $5.85 million to $6.435 million and that it should be paid off by November 14 with a maturity date now November 15, 2025.

The Seventh Stipulation has also been approved by the court today.