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Exelco Seeks Chapter 11 Protection in US

Oct 2, 2017 8:56 AM   By Rapaport News
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Antwerp-based diamond company Exelco NV has sought Chapter 11 bankruptcy protection in the US, listing estimated liabilities of $50 million to $100 million, according to court filings.

The polished manufacturer estimated its assets at $10 million to $50 million and said it had between 50 and 99 creditors, according to the petition it filed in the US Bankruptcy Court for the District of Delaware last week.

Three Exelco NV affiliates also filed a voluntary petition for relief, Exelco NV’s filing says. They are Exelco North America Inc., FTK Working Manufacturing BVBA and Ideal Diamond Trading USA Inc.

Exelco NV was a De Beers sightholder until March. Since then, it has been one of the miner’s accredited buyers, meaning it has the option to buy rough on an ad hoc basis. It has in the past supplied to major retailers such as Signet Jewelers. The co-founder of Exelco, Jean-Paul Tolkowsky, is the great nephew of Marcel Tolkowsky, who is famous for inventing the ideal-cut round brilliant diamond in 1919.

Jean-Paul Tolkowsky owns 49% of Exelco NV, according to the petition, which also states that Lior Kunstler owns the same amount. Exelco International Ltd. holds the other 2%, the filing states.

In June, Belgian bank KBC Group seized assets belonging to Exelco NV from the company’s offices, in an attempt to recover unpaid loans, Bloomberg reported at the time. An Antwerp court later ordered KBC to return the goods as Exelco was on track to repay loans to the bank by 2020, according to a later report by the news service.

Exelco declined to comment.
Tags: Antwerp, bankruptcy, chapter 11, exelco, Exelco International Ltd., Exelco North America, Exelco NV, finance, FTK Working Manufacturing BVBA, Ideal Diamond Trading USA, Jean-Paul Tolkowsky, kbc, kbc group, Marcel Tolkowsky, Rapaport News, Signet Jewelers, US, US Bankruptcy Court
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