Diamonds: Scio’s Problems Pile Up, Chow Tai Fook Reveals a Stunner

Scio Later The problems keep piling up for Scio. The Greenville, S.C., lab-grown diamond producer, which over the summer installed a new CEO and board after a series of lawsuits and proxy battles, admitted in its latest Form 10-Q that it’s technically in default for a $1 million loan that matured on June 20. “We are having discussions with [lender Platinum Capital Partners] on extending the term of the debt agreements, and currently, Platinum has indicated they will not take any action related to this default,” said the filing. Still, it added, the lender does have the option of raising the interest rate, foreclosing on the loan, and taking possession of collateral, including Scio’s assets and intellectual property. The company also confirmed a “fact-finding” subpoena from the SEC, requesting documents regarding transactions between Scio and its predecessor, Apollo.

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