New Delaware Chapter 11 Filing – Exelco North America, Inc.

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Exelco North America, Inc., a diamond wholesaler based in Wilmington, DE, along with three affiliates, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-12029).  Exelco, North America is the American affiliate of Antwerp, Belgium-based Exelco NV, which has also filed a petition for relief.  Exelco NV recently made headlines when the Belgian bank KBC Group NV seized assets from Exelco NV’s headquarters in July.  KBC Group was subsequently ordered to return those assets by a Belgian court.  Exelco North America’s petition reports $0 to $50,000 in assets and $1 million to $10 million in liabilities  Exelco NV’s petition reports $10 million to $50 million in assets and $50 million to $100 million in liabilities. No First Day Declaration has been filed yet.  Donlin Recano is the proposed claims agent.  The cases have been assigned to the Honorable Kevin Gross.

Contact Norman L. Pernick and Nicholas J. Brannick for more information.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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