Diamond Co.'s Future Crystallizes In Ch. 11 Plan

Law360, New York (December 17, 2007, 12:00 AM EST) -- Diamond wholesaler LID Ltd. filed its disclosure statement and reorganization plan on Friday, a day before its exclusive filing period was set to expire. Under the plan, banks would be repaid in full but unsecured creditors would get less than a quarter of what they are owed.

With assets of about $157 million and liabilities of about $143 million, LID set out three different ways it could potentially pay back its four lending banks, which it owes about $41 million total in principal, interests, fees and...
To view the full article, register now.