Diamond Wholesaler LID Files For Chapter 11

Law360, New York (March 19, 2007, 12:00 AM EDT) -- Diamond wholesaler LID Ltd. has filed for Chapter 11 bankruptcy protection in Manhattan, citing a changing industry and the failure of its plan to restore business by slashing its workforce and moving production to India.

The New York-based diamond seller filed the petition on March 17 in the U.S. Bankruptcy Court for the Southern District of New York. It listed assets valued at $157.8 million and debts of $143.9 million.

In a court document accompanying the petition, LID Chief Financial Officer Ronen Herzig said the company...
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