David Webb, a 61-year-old Madison Avenue-based jeweler, became the latest company to file Chapter 11 yesterday.
The “Silberstein Family Partnership” is listed as the company’s sole owner.
Assets are listed as $10.3 million, and liabilites as $6.9 million.
Top creditors include Frank Mastoloni and Sons ($333,000), Dov Schwarrz ($165,000), J Birnbach ($30,000) and PH Gems ($19,000).
A corporate resolution said that because “the Corporation has encountered serious financial difficulties in connection with its operations and is unable to make payment of the necessary debts and expenses being incurred by it in such operations, and in the opinion of the directors and officers, it is in the best interest of the Corporation and its creditors that the corporation reorganize pursuant to Chapter 11 of the United States Bankruptcy Code.”@jckmagazine
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