Diamond to hold creditor vote on bankruptcy plan

Diamond Sports Group will hold a creditor vote “on a bankruptcy-exit plan" backed by Amazon while the broadcaster "tries to negotiate new television deals” with the NBA and NHL. U.S. Bankruptcy Judge Christopher Lopez today gave Diamond “permission to solicit votes for the plan.” The company has proposed that “senior creditors would forgive billions of dollars of debt in exchange for ownership stakes in the company.” Creditors have until May 22 to vote, then Lopez will “take the results into account when he makes a final decision on the plan at a court hearing set for June.” Diamond during that time will continue to work on new NBA and NHL deals, as well as distribution deals with cable and satellite providers (BLOOMBERG NEWS, 4/17).