The move for “financial flexibility” is being seen as a possible prelude to a prearranged Chapter 11 bankruptcy filing.
Representatives for Sinclair and Diamond Sports were not available to comment directly on the ongoing talks with creditors. But Diamond Sports is understood to be eyeing a possible prearranged Chapter 11 bankruptcy filing to reorganize the company and its $8.6 billion debt load.
“Diamond Sports Group expects that its business will continue as usual, and it will keep broadcasting quality live sports productions for fans while it addresses its balance sheet,” the company added about its 19 Bally Sports-branded regional sports networks.
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