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Diamond Hearing Scheduled for June 6; ACH Objection, PPG Response, Incentive Program on Agenda

Tomorrow's hearing in the Diamond Glass case originally would have provided for the court's review of the purchaser of the company and its assets; however, in light of the postponement until June 20 (CLICK HERE for related story), the schedule has changed a bit. Instead, a hearing will still be held, but the schedule will include a host of other topics, including ACH's objection to Diamond's motion for approval of the sale (CLICK HERE for related story). In addition, the court will review PPG Industries' limited response to the notice of cure amount that it received from Diamond Glass, in which PPG claims the cure amount listed by Diamond is inaccurate; Diamond lists the cure cost as $252,122.62, due to PPG-PPGAG Sales Contract for the supply of glass products, while PPG says the cure cost should be broken down as $135,705.02 to PPG Industries Inc. and $116,418.60 to PPG Auto Glass LLC (for a total of $252.123.62).

Finally, the court will again review the objection by the official committee of unsecured creditors' objection to Diamond's motion for approval of its executive incentive program (CLICK HERE for related story). While the objection previously was overruled, court documents note that "this matter is going forward as a status report and to obtain further guidance from the Court in connection with its May 8, 2008, ruling on this matter."

CLICK HERE for full text of agenda.

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