Aaura Files for Chapter 11

Aaura, a Chicago-based wholesaler of gold jewelry, filed for Chapter 11 reorganization on Feb. 28. In a statement, the company said the filing was caused by the recent dramatic volatility in the price of gold; the weakening of the dollar against the euro; and a general tightening of credit in Italy, resulting from a sluggish economy there. It also mentioned “other, since-corrected, issues,” which were not specified. In conjunction with the filing, Aaura asked the court to consider a variety of “first-day motions” to support its vendors, customers, and employees. These included motions seeking court permission to continue payments for employee payroll and health benefits; maintain cash management programs; and retain legal and financial professionals to support the company’s actions. These motions were approved “under favorable terms” a few days after the filing, the com
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