Continuing to express “significant doubt” about its ability to carry on, Finlay Enterprises is launching a formal process to let parties bid on its assets.

A statement noted that Finlay has previously received unsolicited interest from a number of investors and now wants to explore any offers.

The move came shortly before Finlay found itself in default of another credit agreement, when it missed a semiannual interest payment, due July 1. This constitutes a default under the indenture governing the senior notes and its revolving credit agreement, it said.