L.I.D. Ltd Operating Loss Rises to $18 Million
March 24, 08
L.I.D. USA continues to suffer from financial woes. A year after the diamond company filled for Chapter 11 relief in New York, the U.S. Bankruptcy Court issued an Operating Statement for January 2008, noting that the net operating loss for the month was $178,292.
According to the court, the cumulative operating loss from March 17, 2007 is $18,042,707. L.I.D. Ltd., the New York branch of LID, owed bank lenders about $43 million when it filled for Chapter 11 protection after one of its lenders refused to allow the company to withdraw from its accounts.
Last month, the Tel Aviv County Court appointed a receiver for LID. The order was issued at the request of an Israeli bank that is owed more than NIS 30 million ($8.3 million).