RAPAPORT… A federal judge dismissed Exelco’s Chapter 11 filing in
Delaware Bankruptcy Court, documents showed.
Exelco, an Antwerp-based diamond manufacturer and former De
Beers sightholder, filed for Chapter 11 bankruptcy protection in September. The
company, which Jean-Paul Tolkowsky co-founded with Lior and Leon Kunstler, listed estimated
liabilities of $50 million to $100 million, according to court filings.
By filing in the US court system, Exelco received an
“automatic stay,” which allowed it to hold off paying creditors. That included KBC
Bank, which had sought to move the case to Belgium, where bankruptcy proceedings
against Exelco were already in process.
Judge Kevin Gross dismissed the Chapter 11 case in the US, according
to court papers filed December 13. That dismissal includes Exelco NV and its
other divisions, namely Exelco North America, FTK Worldwide Manufacturing, Ideal
Diamond Trading USA, Ideal Diamond Trading Ltd., Exelco Asia and Exelco
International.
Image: avagyanlevon/Shutterstock
Court Dismisses Exelco’s Chapter 11 Case
The Bottom Line
- Exelco, an Antwerp-based diamond manufacturer and former De Beers sightholder, filed for Chapter 11 bankruptcy protection in the US in September.
- The company listed estimated liabilities between $50 million and $100 million in court documents.
- Judge Kevin Gross dismissed the Chapter 11 case on December 13, including Exelco NV and its divisions across North America, Asia, and Europe.
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