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Doris Panos files for Chapter 11

By Teresa Novellino
April 28, 2009

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Central Islip, N.Y.--Award-winning jewelry manufacturer Doris Panos Designs has filed for Chapter 11 bankruptcy protection, joining a growing line of jewelry manufacturers and retailers forced into bankruptcy this year amid the recession.

Court papers filed in the U.S. Bankruptcy Court Eastern District of New York in Central Islip, N.Y., on April 17 indicate that the Melville, N.Y.-based company lists between 50 and 99 creditors and estimates that its assets and liabilities each total between $1 million and $10 million.

A corporate resolution signed by Doris Panos, the company president, on April 1, indicates the company's plan to hire legal firm Thaler and Gertler to handle its Chapter 11 case, but was otherwise brief.

"Resolved, that in view of the present financial condition of the corporation, the corporation is filing a petition for relief under Chapter 11 of the U.S. bankruptcy code," the resolution said.

A list of the company's top 20 unsecured claims include two loans, one in the name of its parent company for $310,413.46 and another for $150,000 owed to Joseph Rosen, trustee, in New York. Trade debt listed in the voluntary petition includes $296,173.50 owed to Erol Jewelry of New York, $286,469 owed to diamond dealer I. Morgenstein of New York and $143,854.91 owed to Chopard USA, which is listed as a landlord claim.

Doris Panos Designs has developed a following among Hollywood celebrities and has received press coverage in numerous fashion magazines. According to a biography on its Web site, the company was established in 1993 by Panos, who started working at the bench and moved her way up the corporate ranks before starting her own business, following in the footsteps of her uncles who were in the jewelry business.
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