Bankrupt Jeweler Accused Of Aiding Fraud Seeks Ch. 7 Status

Law360 (March 13, 2019, 7:49 PM EDT) -- Samuels Jewelers Inc., which has been accused of helping to launder the proceeds of India's largest bank fraud case, asked a Delaware bankruptcy court for permission to liquidate, saying the company no longer has the assets to emerge from bankruptcy.

In a motion filed Tuesday, Samuels said after disappointing inventory liquidation sales, a partial asset sale to Wells Fargo and the closure of all of its retail outlets, it "does not believe" there are sufficient assets left to the estate to confirm a Chapter 11 plan.

"Accordingly, the debtor believes it is in the best interests of its estate to convert...

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