Diamond Sports moved closer to exiting bankruptcy on Thursday after a bankruptcy judge approved its reorganization plan, which slashes the hefty debt load that toppled the company.
The green light is a significant milestone for the owner of regional sports networks, which has been under bankruptcy protection since March 2023.
It presented its reorganization plan to the court with a standing objection from the U.S.
The reorganization plan that received court approval on Thursday will see Diamond's debt load cut from nearly $9 billion to $200 million.
Diamond is now unencumbered by legacy debt, financially stable and enthusiastically supported by new ownership," Diamond CEO David Preschlack said in a release Thursday.
Persons:
Jose Siri, Dansby Swanson, Travis d'Arnaud, Diamond, David Preschlack
Organizations:
Major League Baseball's Houston Astros, Atlanta Braves, Diamond Sports, Amazon, Major League Baseball, U.S ., Diamond
Locations:
Truist, Atlanta