Largest diamond polishing company threatened bankruptcySaturday, 09 March 2019 15:21
The court concluded "that Eurostar Diamond has lost the trust of its major creditors: ABN Amro, Standard Chartered Bank, KBC Bank and Bank of India, to whom the company owes a colossal amount of money." According to press information, the debt would be around half a billion euros.
The Court pf Appeal even stated that Eurostar Diamond "doesn’t have a single marketable diamond" and "can no longer function normally."
According to the company's provisional administrators, it would have no income from its traditional activities, with the exception of some lease payments and cash transfers to Hong Kong.
In its latest financial statements, the company had explained already why it was going through a period of turmoil: less demand for diamonds, including in Asia where Eurostar Diamond has many clients; mines charging higher rates for rough diamonds; and lack of support (read "credits") from several major banks that would have turned away from the diamond sector.
The Brussels Times
No flights will be possible on Monday night between 1:30 and 3:30, due to a shortage of air traffic controllers.
Ten years ago, there were 805 shoemakers in Belgium, but their number has since plunged by 22% to 630, Economic…
A world-famous furniture museum, a traditional home and an age-old tea-drinking ritual on Monday were highlights of the first day…
Climate activists who partially occupied rue de la Loi throughout Sunday evening and night have packed up. With police consent,…