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.

Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

Related Articles

Latest Articles