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Court Dismisses Exelco’s Chapter 11 Case

US bankruptcy proceedings had given company protection from creditors in Belgium.
Dec 25, 2017 8:40 AM   By Rapaport News
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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
Tags: Antwerp, bankruptcy, Belgium, chapter 11, De Beers, exelco, Exelco Asia, Exelco International, Exelco North America, Exelco NV, FTK Worldwide Manufacturing, Ideal Diamond Trading Ltd, Ideal Diamond Trading USA, Jean-Paul Tolkowsky, KBC Bank, Lior Kunstler, Rapaport News
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