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Brink’s Global Services Operating Normally

Diamond Activities Continue
Feb 3, 2011 10:09 PM   By Marc Goldstein
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Rapaport... Brink’s diamond and international activities were not affected by  Brink’s Belgium filing bankruptcy in the Brussels court of commerce on January 28, 2011.  Brink’s Belgium is a separate entity from Brink’s Global Services (BGS), the business unit specialized in international transport of diamonds and foreign currencies and is  owned by Brink’s Diamonds and Jewelry Services (BDJS).
 
The Brussels commerce tribunal  ruled on February 3,  to terminate a judicial reorganization of Brink’s Belgium. Court appointed  administrators, Alain Zenner and Gérard Delvaux,  told the Court  that there was only $897,000 (EUR 660,000) in cash remaining, which was just enough to pay the salaries for one month. On top of that they explained that the activities of Brink’s Belgium weren’t covered by insurance, which cost $163,000 (EUR 120,000) a month, and there was still a global liability of about $41 million (EUR 30 million).
 
Consequently, and in order to avoid all confusion, BGS issued a statement on February 3 saying that Brink’s diamond and international activities were not affected by bankruptcy filing of Brink’s Belgium.
 
The decision by Brink's Belgium to file bankruptcy was  most probably made after Swedish security company Loomis declined to take over the company. Loomis was apparently unable to secure bank  guarantees for a take over deal.
 
Attorneys Isabelle Ensch and Wim Heethen are expected to report total  liabilities of Brink's Belgium to the court  March 9. It was also expected that 400 workers of Brink’s Belgium would be laid off and that salaries and severance would be paid.
 
Brink’s stressed that BGS is a business run by professional people with a history of successful international services for diamonds and secured logistics and that business is operating normally.

 

Tags: Brinks, Marc Goldstein
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