Diamond Sports Group, the Sinclair subsidiary that controls the regional sports networks for more than 40 teams across Major League Baseball, the National Hockey League and the National Basketball Association announced that it has filed for Chapter 11 bankruptcy on Tuesday night, three days before the end of a 30-day grace period it entered into with creditors.
As part of a news release, Diamond, which has more than $8 billion in debt, said it "intends to use the proceedings to restructure and strengthen its balance sheet" and that the RSNs "will continue to operate in the ordinary course during the Chapter 11 process.