business / markets
4 hours ago

Canoo and Diamond Comic Distributors File for Bankruptcy Facing Industry Shifts

Canoo and Diamond Comic Distributors File for Bankruptcy Facing Industry Shifts
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7 Highlights
  • Canoo, an EV startup, filed for Chapter 7 bankruptcy, ending operations immediately.
  • Canoo owes over $164 million to creditors, lacking government and investor support.
  • Diamond Comic Distributors filed for Chapter 11 bankruptcy due to financial struggles.
  • Diamond's lost exclusivity with Marvel and DC contributed to its bankruptcy filing.
  • Diamond faces $50 million in liabilities and has over 1,000 creditors.
  • Universal Distribution made a $39 million bid for Diamond's game division.
  • Diamond secured a $41 million post-bankruptcy lifeline from JP Morgan.
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