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Colibri Group seeks buyers for its brands

By Michelle Graff
January 29, 2009

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Providence, R.I.--Struggling jewelry manufacturer Colibri Group is seeking buyers for all or some of its brands, the attorney in the case told National Jeweler.

A Rhode Island court placed the Providence, R.I.-based jewelry manufacturer into receivership--a legal action in which a court-appointed receiver takes over a company in order to handle its assets and run its financial affairs--earlier this month due to its financial troubles.

Allan Shine, an attorney from the law firm of Winograd, Shine and Zacks PC and the court-appointed receiver in the case, said earlier this week that he is in the process of setting up procedures for bidding and due diligence in order to sell the company as a whole or in parts.

In the meantime, he said "many interested parties," have contacted him expressing interest in Colibri's brands, which include Colibri, Seth Thomas, Dolan Bullock and Krementz.

Rhode Island Superior Court Associate Justice Michael Silverstein appointed Shine as the temporary receiver in the case on Jan. 15.

The move came after Founders Equity SBIC, the majority holder of Colibri Group stock, petitioned for receivership, a move backed by company officials.

According to the petition filed in the case, Founders Equity stated that it "is informed and believes that [Colibri Group] is insolvent and unable to meet its obligations as they become due."

In addition, the petition stated that Colibri Group, "is far in arrears in payment of its obligations and there is a danger of dissipation and depreciation of the assets of the defendant."

Colibri Group products have been sold through 20,000 retail outlets in the United States, including both chain and independent stores.

The company, whose products also include lighters and smoking accessories, was founded in 1928, alongside the invention of the world's first automatic lighter.

Anyone with interest in purchasing some or all of Colibri's lines can contact Shine at ashine@wszlaw.com.
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Business | Company Activities and Information | Company Bankruptcies

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