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.