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Exelco International Files Chapter 11 Months After Affiliate

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Exelco International Limited (Exelco International) filed for Chapter 11 protection from the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-12559. This follows the September 2017 bankruptcy of its affiliate–and wholly-owned subsidiary, Exelco North America, in the same Wilmington, DE District.

Exelco Intentional is located in Ebene, Mauritius (an island nation in the Indian Ocean off the southeast coast of Africa), and is under the Directorship of Kris Cuyvers as C.R.O. The Company is represented in bankruptcy proceedings by Michael R. Nestor of Young Conaway Stargatt & Taylor. In documents filed with the Court, Exelco International indicated estimated assets and liabilities between $10 and $50 million.

This action follows the bankruptcy filing of Exelco North America, lead case number 17-12029. Jean-Paul Tolkowsky directs Exelco North America, and this comapny is also represented by Michael R. Nestor of Young Conaway Stargatt & Taylor.

According to widely-published reports, Exelco North America is seeking to U.S. Bankruptcy Court protection to sell certain assets, primarily diamonds held in its New York and Antwerp locations as well as associated equipment. Exelco labels the sale “the most efficient method to maximize the value of the Debtor’s estates, preserve the Debtor’s business relationships, and fund the continuation of the Debtor’s business as it pursues global restructuring.” In Court filings, Exelco North America estimates liabilities of $1 to $10 million, with estimated assets less than $50,000.

Read more bankruptcy news.

The post Exelco International Files Chapter 11 Months After Affiliate appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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