Fabrikant Files Motion for Court Approval to Auction Certain Assets (Update)
April 19, 07
Bankrupt diamond and jewelry company M. Fabrikant & Sons is attempting to sell company as a living business and a number of companies are currently conducting a due diligence.
The company says it is continuing to conduct business and has the support of its lenders.
Fabrikant filed the request with the United States Bankruptcy Court. It hopes to sell the entire company to a single bidder, however it has broken down its assets into main groups, each with a reserve price, creating an option for it to be sold in parts.
The court petition is asking for a total reserve price of $48.5 million. According to the Chapter 11 filing, M. Fabrikant & Sons has $363 million in debts and $225.9 in assets.
Last updated April 19, 2007 13:48