Wholesaler Tara Jewels Files For Chapter 11

Law360 (June 24, 2019, 6:34 PM EDT) -- Gemstone wholesaler Tara Jewels LLC has filed for Chapter 11 protection in a New York bankruptcy court, claiming more than $10 million in liabilities.

The New York City-based U.S. subsidiary of Indian company Tara Jewels Ltd. claimed under between $500,000 and $1 million in assets and between $10 million and $50 million in liabilities in its Chapter 11 petition filed Friday.

According to the company's website, Tara established its U.S. diamond, gemstone and jewelry wholesale operation in mid-2006 in partnership with M. Fabrikant & Sons Inc., shortly before the century-old jeweler filed for Chapter 11.

The company said it had focused on...

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