Michael Beaudry files for Chapter 11

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Michael Beaudry files for Chapter 11

By Teresa Novellino

June 09, 2009

Los Angeles--Michael Beaudry Inc., known for providing jewelry to Hollywood stars, is the latest jewelry designer/manufacturing company to file for Chapter 11 bankruptcy protection.

According to the voluntary petition, filed on June 4 in the U.S. Bankruptcy Court of the Central District of California in Los Angeles, the company's creditors number between 50 and 99, and its estimated assets total between $10 million and $50 million.

Centerstone Diamonds, a "related" company, concurrently filed for Chapter 11, according to the petition, signed by Michael Beaudry, the company president and a second-generation master diamond cutter.

The company's total debts were not listed and it was unclear how much its secured creditors are owed. However, for the 20 creditors holding the largest unsecured claims, including members of the jewelry trade and several publishing firms, the company's debt stands above $2 million.

Its top 10 creditors, along with their alleged claims, are listed in court documents as follows: Olympic Diamonds Corp., New York, $253,137.59; Espeka Israel, Ramat Gan, Israel, $170,452.85; Inter Gems-CLAES, Antwerp, $158,513.34; American Express, Los Angeles, $129,825; Elite Traveler magazine, New York, $110,500; Diamond Investment Partners, Los Angeles, $110,202.55; Dell Financial Services Co./Bank of America, Chicago, $108,692.74; Kothari Trading Co. Ltd., Hong Kong, $107,260; Lili Diamonds, New York, $105,549.25; and Curtco Robb Media, New York, $104,670.

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