Sunday, July 14, 2024

WD Lab Grown Diamonds files for bankruptcy

The company estimated its liabilities at $44.8 million, it said in a filing on Wednesday with the US Bankruptcy Court for the District of Delaware.

The Washington, DC-based company, owned by private equity firm Huron Capital, has between 100 and 199 creditors and assets worth $3.1 million, it estimated. It has checked the box saying that after administrative expenses are paid, there will be no funds available for unsecured creditors.

Chapter 7 is a form of bankruptcy that allows debts to be wiped out but puts the company out of business. The company listed one secured creditor – San Francisco-based Tree Line Direct Lending – and several unsecured creditors.

WD Lab Grown Diamonds has been producing synthetic stones using the chemical vapour deposition (CVD) process since its inception in 2008. Huron made a significant investment in the company in 2019. The company has been involved in protracted litigation with industry members over patents.

WD said it would issue a release “outlining the future” later this week. Huron and Tree Line were not immediately available for comment on Sunday.

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