Debt, Bonds Push Diamond Glass Into Ch. 11

Law360, New York (April 1, 2008, 12:00 AM EDT) -- Faced with substantial debt as well as senior notes scheduled to come due, automobile glass replacement company Diamond Glass Inc. entered bankruptcy with tentative plans to be sold, likely to its chief lender, Guggenheim Corporate Funding LLC.

Diamond Glass and a subsidiary filed voluntary petitions for Chapter 11 Tuesday in the U.S. Bankruptcy Court for the District of Delaware. The parent company listed assets between $10 million and $50 million and liabilities over $100 million.

Diamond Glass' tentative financial restructuring plan anticipates a sale to Guggenheim,...
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