L.I.D. Ltd to Auction Entire Inventory in Bankruptcy Proceeding

A notice to all creditors of L.I.D. Ltd has been published last week, informing them that the bankrupt company's entire inventory of jewelry and loose diamonds will be auctioned on May 14.

Subject to court approval, the auction will be held at 10 am at the law offices of Mayer Brown Rowe & May in New York.

The notice adds that certain bidding requirements have been established for the auction.

A year after L.I.D. Ltd filled for Chapter 11 relief, the cumulative operating loss from March, 2007 to March 2008 was more then $18 million. L.I.D. Ltd., the New York branch of LID, owed bank lenders about $43 million when it filled for Chapter 11 protection.

In February, the Tel Aviv County Court appointed a receiver for LID in Israel.