Diamond Company Could Soon Enter Bankruptcy

A bankruptcy filing could be on the horizon for Eurostar Diamond Traders, according to media reports.

The Antwerp-based company requested protection from its creditors at the end of February, but the Antwerp Court of Appeal  rejected the request, Rapaport News reports.

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Antwerp Corporate Court “will decide by early April whether to force it into bankruptcy,” according to the publication.

The raw-diamond polishing company owes about $500 million and has lost its De Beers sight, according to De Tijd, a Belgian newspaper.

Major creditors include ABN Amro, Bank of India, KBC Bank and Standard Chartered Bank, the Brussels Times reports.

The Court of Appeal wrote that Eurostar “doesn’t have a single marketable diamond” and “can no longer function normally.”