New Delaware Chapter 15 Filing – Excelco NV
Exelco NV, a diamond and precious metals trader based in Antwerp, Belgium, has filed a voluntary petition under Chapter 15 in the Bankruptcy Court for the District of Delaware (Case No. 17-12409). As readers of our blog may remember, Exelco North America, Inc., along with three other American affiliates of Exelco NV, previously filed for Chapter 11 on September 27, 2017 (Lead Case No. 17-12029). According to the Declaration of the Foreign Representative, a Bankruptcy Trustee was appointed for Exelco NV by the Commercial Court of Antwerp, Belgium, on November 2, 2017. The Trustee was appointed following an involuntary petition submitted by Exelco’s principal creditor, KBC Bank NV, which alleged, among other things, concealment of negative financial figures, fraudulent transfers to subsidiaries and an unexplained loss of $15 million worth of diamonds over a six month period. The Foreign Representative has also filed a Motion for Recognition of Foreign Main Proceeding. The case has been assigned to the Honorable Kevin Gross.
Contact Norman L. Pernick or Nicholas J. Brannick 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.
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