Belgium-based Exelco NV, a De Beers-listed customer, has filed for bankruptcy in the U.S. Bankruptcy Court in Wilmington, Delaware, according to the World Street Journal.
In the papers filed, the diamond company listed assets of between $10 million and $50 million, and liabilities of between $50 million and $100 million.
Exelco, founded in 1993, is based in Antwerp, and is listed as one of De Beers sightholders. It has two factories in Africa and Thailand. In July, it was reported by Bloomberg that “Exelco’s assets were seized by one of its lenders, KBC Group NV”. Exelco’s top three trade creditors are Eurostar Diamond Traders NV, I.D.H. Diamonds NV and Vitraag BVBA, to which Exelco collectively owes nearly $12 million.
