New York, NY – Court records show that L.I.D. Ltd., NY owes bank lenders about $43 million. The company filed for Chapter 11 protection in New York after one of its lenders refused to allow the company to withdraw from its accounts.
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LID’s Chief Financial Officer, Ronen Herzig, listed in the company’s bankruptcy petition assets of $157.8 million and debts of $143.9 million. It expects 2007 sales to reach $25 million.
Court records reveal that debt to creditors holding the 20 largest unsecured claims amounts to about $400,000. But according to one report, LID Ltd owes unsecured creditors approximately $101 million.
LID is a DTC sight holder owed by the Elishayov brothers, it has recently been reorganized, with changes in its managerial team and modified sales targets. The restructuring program involves a refocusing of the jewelry line on the needs of independent jewelers that will enable the company to sell higher margin items. [IDEX]
It will definitely effect the Hemishah dealers. this is going on behind closed doors for a while, and we felt it now we know what this was all about.
it effects us, and it effects our partners.
This will no effect on the ‘Heimish’ dealers, or any other dealers.
They were just another Diamond house.. there many many more.
(BTW- Filing Ch. 11 doesn’t mean they are closing, just they now have protection against their creditors and can still operate.)
anon 1237,
prove that what you are saying is correct!!!!!!!!!!
this will have a major effect on the heimisha diamond dealers