Two diamond firms top the list of Friedman's 30 top creditors:, M. Fabrikant & Sons which is owed $17 million and Rosy Blue with $10.6 million. They are followed by Design Works, owed $7 million, and India's C. Mahendra Jewels $6.2 million.

 

The information was revealed in a petition submitted by Friedman's during its first day at the U.S. Bankruptcy Court in Savannah, Georgia. The firm said it has $395.8 million in assets and $215.7 million in debts.

 

The list of creditors shows the 30 largest unsecured claims, with a total of $77.1 million of debt (see list below). The list does not include bank debt.

 

“We remain hopeful that the new management team will be able to restructure,” said Chief Financial Officer Rob Augustine.

 

However, he did not sound optimistic about finding a quick resolution for the issues troubling the firm, as he partly blamed previous managers. “A lot of the problems of the past seem to have been management problems, and we have a lot of confidence in the new team,” he told the Savanna Morning News. “It's going to take a lot of time,” he added.

 

The U.S. jewelry retailer currently has 653 stores in 20 southern and southwestern states. A PR firm specializing in crisis situations was hired to aid the company and has already said that while there were no plans to close any stores yet, Friedman's is considering what “works best for the company”.

 

Creditors holding the 30 largest unsecured claims:

 

M. Fabrikant & Sons, New York, NY, $17.017 million

 

Rosy Blue Inc., New York, NY, $10.597 million

 

Design Works, Long Island, NY, $7.068 million

 

C. Mahendra Jewels, Houston, TX, $6.165 million

 

Media Solutions, Atlanta, GA, $4.967 million

 

Sumit Diamond, New York, NY, $4.199 million

 

Alston & Bird LLP, Atlanta, GA, $2.548 million

 

Bulova Corp., Newark, NJ, $2.13 million

 

Goldstar Jewelry LLC, New York, NY, $2.038 million

 

Samuel Aaron Inc., Long Island, NY, $2.014 million

 

Prime Art & Jewel, Dallas, TX, $1.9 million

 

Frederick Goldman, New York, NY, $1.801 million

 

Combine International, Troy, MI, $1.632 million

 

KIP, Boston, MA, $1.2 million

 

JB-DM Jewelry, Los Angeles, CA, $1.254 million

 

CLAAR, New York, NY, $1.239 million

 

A&A Jewelers, Buffalo, NY, $1.057 million

 

Ultimo Inc., New York, NY, $845,000

 

Seiko Time, Mahwah, NJ, $840,000

 

Star Diamond, New York, NY, $786,000

 

Sun Diamond USA, New York, NY, $757,000

 

Dana Augustine Inc., Kennesaw, GA, $735,000

 

KMG Jewelry, Mumbai, India, $688,000

 

Citizen Watch Co, Torrance, CA, $685,000

 

Tara Jewels Export Ltd, Mumbai, India, $641,000

 

Gold Lance, Owatonna, MN, $637,000

 

Imperial World Inc, Chicago, IL, $603,000

 

Dinurje, Mumbai, India, $597,000

 

Saunay Jewels, Mumbai, India, $541,000

 

Coloron, Los Angeles, CA, $535,000