Completion of any Approved Sale Remains Set for June 30
KINGSTON, Pa., May 22 /PRNewswire/ -- DIAMOND GLASS announced today that in response to requests from potential bidders for additional time to conduct due diligence it agreed to extend for two weeks all deadlines for submitting bids and participating in the auction. Under the new schedule, letters of intent will be due on June 10, bids will be due 12 noon on Tuesday, June 17, the auction will be conducted beginning at 9 a.m. at the offices of Young, Conaway, Stargatt & Taylor in Wilmington, Delaware on Thursday, June 19, and the sale hearing will be held on Friday, June 20 at 1 p.m. in the United States Bankruptcy Court for the District of Delaware.
The new schedule, reflected in an agreed order submitted in the Company's chapter 11 case today, also resolves a motion filed under seal by Belron International Limited and Belron US Inc. ("Belron") seeking to have the Court order a similar extension. Belron filed its motion last weekend after the Company initially refused Belron's request to extend the deadlines. "Although we did not want to delay the auction, we changed our position after determining that other potential bidders could make good use of the additional time, and that no bidders were seeking to delay the June 30 closing date," Company President Bill Cogswell explained. The Company's debtor-in-possession financing facility expires on June 30. Thus, a delayed closing would have raised financial issues for the Company's operations in July.
As previously reported, the Company filed for chapter 11 protection on April 1 to continue a sale and restructuring process in order to address a heavy debt burden it had acquired over the years. DIAMOND GLASS is one of the nation's oldest and leading providers of automotive glass replacement and repair services. Founded in 1923 by the Levine family and headquartered in Kingston, Pennsylvania, the business grew into a network of 217 service centers and 900 mobile installation vehicles in 42 states, serviced by three distribution facilities located in Kingston, Pennsylvania; Columbus, Ohio; and Atlanta, Georgia. Approximately 1,600 people are employed by the Company, including field technicians, customer service representatives, sales associates and corporate associates. DATASOURCE: DIAMOND GLASS CONTACT: Michael P. Richman, Esq. of Foley & Lardner LLP, +1-212-338-3409, for DIAMOND GLASS Web site: http://www.diamondtriumph.com/
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