Sourcing

Exelco Case Should Be Heard in Belgium, Judge Rules

SourcingDec 14, 2017

Exelco Case Should Be Heard in Belgium, Judge Rules

The ruling is a victory for lender KBC Group NV, which has argued all along that the case doesn’t belong in the U.S.

Wilmington, Del.--A U.S. bankruptcy judge has dismissed the Chapter 11 cases of Antwerp-based Exelco NV and its various subsidiaries, ultimately ruling that the cases should be heard in Belgium.

Judge Kevin Gross issued his ruling following a hearing that took place Monday. 

On Wednesday morning, an order dismissing the Chapter 11 cases was filed in U.S. Bankruptcy Court for the District of Delaware.

The ruling is a victory for lender KBC Group NV, which has argued all along that the case belongs overseas where Exelco NV is based and where the company initially began bankruptcy proceedings.

Exelco NV, along with Exelco North America Inc., FTK Worldwide Manufacturing BVBA, Ideal Diamond Trading USA Inc. and Ideal Diamond Trading Ltd. all filed for Chapter 11 bankruptcy protection in the United States in late September.

On Dec. 3, Exelco International Ltd. and Exelco (Asia) Ltd. followed suit.

According to court documents, Antwerp-based Exelco NV originally filed the rough equivalent of Chapter 11 in Belgium but then withdrew that filing and brought its case to the United States. The company wanted the protections afforded by bankruptcy in the U.S. so it could block lender KBC Group NV from seizing and liquidating its assets overseas.

But KBC fought back, filing a motion to either dismiss the case or grant it the right to exercise rights and remedies against the diamond company in Belgium despite the filing of a Chapter 11 case in the U.S.

KBC also objected to the attempted sale of Exelco North America Inc.’s assets to SimplexDiam for $6 million.

In an email to National Jeweler Thursday morning, a KBC spokesperson said the bank is pleased with the ruling but declined further comment on the case.

The attorney representing Exelco did not respond to a request for comment by deadline.

Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

Gold bracelets and bangles
SurveysJul 16, 2025
Signet Jewelers Falls Lower on NRF’s ‘Top 100’ Retailers List

The middle class is changing its approach to buying jewelry and affordable luxury goods, the NRF said.

Buccellati Opera high jewelry bracelet
FinancialsJul 16, 2025
Richemont’s Jewelry Sales Up 7% in Q1

It marks the third consecutive quarter of growth for Cartier, Van Cleef & Arpels, Buccellati, and Vhernier.

Rolex Datejust ref. 16233
WatchesJul 16, 2025
The Top-Selling Rolex Models of the Last 15 Years, According to Bob’s Watches

The reseller’s market trends report, based on its sales data, also shows exactly how much Rolex prices have jumped since 2010.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Jean Dinh Van Orgue Ring
AuctionsJul 16, 2025
Christie’s To Honor Dinh Van With Exhibition

The auction house will be hosting a retrospective paying tribute to jeweler Jean Dinh Van and his company’s 60th anniversary.

Weekly QuizJul 10, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Jake Duneier and Danielle Duneier
IndependentsJul 16, 2025
Clyde Duneier Ushers In Fourth Generation

Jake Duneier and Danielle Duneier-Goldberg have stepped into the roles of CEO and president, respectively.

Boucheron Impermanence Boucheron Dragonfly Earrings and Wisteria Hair Piece
CollectionsJul 15, 2025
Boucheron’s New High Jewelry Calls Attention to Nature’s Impermanence

The “Impermanence” collection contemplates nature through the Japanese art of Ikebana (flower arranging) and philosophy of wabi-sabi.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

James Avery Cedar Park
MajorsJul 15, 2025
James Avery Expands to 2 More States

The Texas-based jewelry retailer has set up shop in Tennessee and Arizona.

Eric Ford, Couture’s new brand director and former fine jewelry buyer at Neiman Marcus
Events & AwardsJul 15, 2025
Neiman Marcus Vet Joins Couture as Brand Director

Eric Ford will step into the role, bringing with him decades of experience.

Bench jeweler holding a ring and a tool
IndependentsJul 15, 2025
Ben Bridge Jeweler Acquires Olympic Manufacturing

In addition to improved capabilities, the acquisition will allow the jeweler to offer support to other independent jewelers.

Guzema Celestial Blue
CollectionsJul 15, 2025
Guzema Debuts First Colored Gemstone Jewelry

The “Celestial Blue” capsule collection campaign features Olympian Kateryna Sadurska.

Nanis Mykonos Store Exterior and Interior
MajorsJul 14, 2025
Nanis Opens First Store

The seasonal store, located in Mykonos, Greece, offers exclusive events, personal styling, and curated experiences.

Long’s Jewelers Summer of Love promo
IndependentsJul 14, 2025
It’s the Summer of Love at Long’s Jewelers

The New England jeweler is hosting a bridal event for the month of August.

The Edge and The Edge Retail Academy Logos
Events & AwardsJul 11, 2025
The Edge’s Annual Conference Returns in September

Its sessions will focus on inventory strategies, staff performance, retention and acquisition, emerging market trends, and more.

Miseno Arco Earrings
CollectionsJul 11, 2025
Piece of the Week: Miseno’s ‘Arco’ Earrings

For its 10th anniversary, Miseno designed the “Arco” earrings based on the Arco Felice, an arch conceptualized in A.D. 95 in Miseno, Italy.

James Avery Texas charm
Policies & IssuesJul 11, 2025
James Avery to Donate $1M to Texas Hill Country Relief Efforts

The jewelry company is one of several contributing to relief efforts in the region after the recent floods.

Kelly Osbourne Engagement Ring
TrendsJul 11, 2025
Kelly Osbourne’s Engagement Ring Is Sweet as Honey

Inspired by fiancé Sid Wilson’s nickname for her, the white and yellow diamond ring features a unique honeycomb design.

Penny Preville Anniversary Bangles and Penny Preville
CollectionsJul 10, 2025
Penny Preville Celebrates 5 Decades of Jewelry Design

The brand is marking its 50th anniversary with a limited-edition bangle, high jewelry suites, new collections, and more.

Exterior shot of Alvin Goldfarb Jeweler in Bellevue, Washington
IndependentsJul 10, 2025
Steven Goldfarb to Retire, Close Alvin Goldfarb Jeweler

Goldfarb said changes in the industry, coupled with his age and the updates needed to modernize his business, drove his decision.

LVMH chairman and CEO of the Americas Michael Burke
MajorsJul 10, 2025
LVMH Names New Chairman, CEO of the Americas

Longtime LVMH executive Michael Burke has stepped into the role.

A calligraphy sculptural ring made in 18-karat Fairtrade gold (Photo by: Jamie Trounce)
Events & AwardsJul 10, 2025
IAC Gold and Diamond Conference Returns to NYC

Central topics of next week’s event include climate action, labor rights, artisan preservation, and value retention in producing countries.

Vickie Rokkos
MajorsJul 10, 2025
Hearts On Fire Appoints New Sales Director

Vickie Rokkos has joined the jewelry company as its new national sales director of North America.

Mikimoto The Bows high jewelry necklace
SurveysJul 09, 2025
Jewelry Stays Strong as Luxury Market Slows, Bain & Co. Says

Turbulence will be the new baseline for luxury as it faces its biggest potential setbacks in 15 years, a recent report said.

1 NJ-Supplier-Bulletin-Snake-One.jpg
Supplier BulletinJul 09, 2025
JCK Unwrapped: Trends, Insights & Post-Show Tips

Sponsored by Rio Grande Jewelry Supply

Cece Jewellery For the Love of Fruits Pendants
CollectionsJul 09, 2025
Cece Jewellery’s New Fruit Jewels Celebrate Life’s Sweetness

The “For the Love of Fruits” collection features five fruit pendants, each holding a different meaning.

Graphic showing images from National Jeweler’s top 5 stories 2025
EditorsJul 09, 2025
The Most-Read Stories of 2025, So Far

Diamonds and crimes (some involving diamonds) top the list of National Jeweler’s most popular stories halfway through the year.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy