Canadian diamond firms in receivership

by eyetee | December 6, 2010 12:00 am

SB_2491 — Canadian firms Polar Ice Diamonds and Polar Bear Diamonds have filed for bankruptcy, owing $41.6 million to more than 170 secured and unsecured creditors.

Canadian diamond and jewellery wholesalers Polar Ice Diamonds and Polar Bear Diamonds are in receivership, listing debts of $41.6 million owed to secured and unsecured creditors.

According to documents filed with the Ontario Superior Court of Justice, ABN AMRO is listed as a secure creditor with a debt owed of $21.6 million. While the book value of assets is estimated at $13.5 million, RSM Richter—the court-appointed receiver—says it “is unable at this time to estimate whether the realizable value of the assets will be sufficient to fully repay the obligations owing to the secured creditor(s).”

Court documents list 170 unsecured creditors as being owed $20.7 million.

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