New Delaware Chapter 11 Filing – Samuels Jewelers, Inc.
Samuels Jewelers, Inc., a jewelry retailer headquartered in Austin, Texas, with over 100 stores in 22 states, has filed a petition for relief under chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 11818). Samuels’ Petition reports an estimate $100–$500 million in both assets and liabilities, and reports that funds will be available for distribution to unsecured creditors. Samuels made headlines in May when it retained restructuring advisors shortly after the chairman of its parent company, Gitanjali Gems Ltd., was accused by Punjab National Bank (India) of defrauding the Bank of almost $2 billion dollars. A First Day Declaration has not yet been filed. Prime Clerk is the proposed claims and noticing agent. The case has been assigned to the Honorable Kevin J. Carey.
Contact Norman L. Pernick, G. David Dean or Myles R. MacDonald for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.
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.
Join Our Mailing List
Stay up to date with the latest insights, events, and more