Israeli Diamond Firm Eliazarov Declared Insolvent
July 18, 05
Israeli diamond firm Eliazarov Rueven & Sons Diamonds said yesterday that it is insolvent. Their outstanding debt was estimated yesterday at around $40 million.
Eliazarov, who had exports of $30 million last year and was listed among the top 30 Israeli exporters, yesterday notified the Israeli Diamond Exchange (IDE) management of its situation and a meeting that included the IDE legal department was held to discuss the situation.
This morning the legal department put up a notice on the trading hall bulletin board notifying members of the Eliazarov’s insolvency.
It is currently not known who is owed money and how much of it is owed to other diamond companies and how much to the banks. This data is being collected right now and a decision on how to proceed will be made in the following days.