Following jewelry manufacturer Speidel’s filing for receivership last Friday, all its employees have been laid off and the company’s assets are now up for sale, the company’s new receiver, Providence lawyer Allan M. Shine, told JCK.
Receivership is “a state court version of bankruptcy,” Shine said.
Shine said that “right now as receiver, I don’t have available cash or capital to operate the business.” So the company’s assets are going up for the sale in the next 90 days.
The company’s largest creditor, Sovereign Bank, is owed $4.4 million, Shine said.
In petitioning for receivership, owner Fredrick N. Levinger said that the company “is insolvent and is unable to meet its obligations as they become due.”
Speidel, a 105-year-old manufacturer of watch bands and other accessories, was purchased by Levinger, the former owner of Colibri, two years ago.