L.I.D. Files Ch. 11 Liquidation Plan

Law360, New York (July 24, 2008, 12:00 AM EDT) -- After selling off nearly all of its assets earlier this year, bankrupt diamond wholesaler L.I.D. Ltd. filed a liquidation plan on Wednesday.

L.I.D., which filed for Chapter 11 protection in March 2007, said in a disclosure statement filed with the plan that it “believes that the plan will provide all holders of claims against the debtor with greater recoveries than would be available if the debtor’s assets were liquidated in a proceeding under Chapter 7.”

The statement notes that all of the company's physical assets, including...
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