LID Files for Chapter 11

New York–based LID recently filed for protection under Chapter 11 of the Bankruptcy Code. LID Ltd.'s parent company is a Diamond Trading Company sightholder in Israel. It is the second sightholder-related company to declare Chapter 11 in recent months. In November, M. Fabrikant and Sons filed for Chapter 11. The company's bankruptcy papers list $157.8 million in assets and $143.9 million in debts, reports say. Chief executive officer Lyle Rose tells JCK that the company owes trade creditors less than $300,000. Its biggest debt is to its bank lenders, to whom it owes more than $40 million. In fact, it was banks that forced the filing, Rose says. “We have been trying to negotiate in good faith with the banks, and every time it seems it's going forward they had a new demand,” he says. “We thought everything was going fine until we had our bank account wiped out. I didn't want
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