May 14 requested date for LID auction

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May 14 requested date for LID auction

April 18, 2008

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New York—The bankrupt New York office of jewelry manufacturer LID Ltd. has filed a motion to hold an auction of its assets on May 14, according to court papers filed late on Thursday.

According to documents filed in U.S. Bankruptcy Court for the Southern District of New York, if approved by the court, the auction, known as a "363 sale," will be held in the law offices of Mayer Brown Rowe and Maw LLP in New York.

The auction will be composed of two lots: one for finished jewelry, including 50,000 pieces worth more than $44 million, and one for loose-diamond inventory worth $26 million.

Earlier this week, LID Chief Restructuring Officer Christopher Ellis told National Jeweler that LID—which was expected to emerge from bankruptcy later this year—was looking to liquidate its assets and pay its creditors.

LID's New York office filed for Chapter 11 bankruptcy protection in March 2007.

Documents filed previously in the case show that LID defaulted on payments to lenders Bank Leumi USA, AMRO Bank NV, Sovereign Bank and New England and HSBC Bank U.S.A., and that the banks had "immediate possession and control over all of the debtors' assets."

The lenders, however, are opting to allow LID to liquidate its assets through court-supervised sales.

For more information, contact Consensus Advisors at (617) 437-6501.

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