Los Angeles, CA -- Michael Beaudry Inc. (and its brother corporation, Centerstone Diamonds, Inc.) known for designing and manufacturing perhaps the most elite jewelry in the world, announced an agreement with its secured lender, First Capital, which produces a global settlement of all issues between the parties. This Agreement has been submitted for approval, scheduled for June 22, 2010, to the Court presiding over the reorganization of Michael Beaudry, Inc. In addition, Michael Beaudry, Inc. will thereafter submit a Plan for Reorganization for the Court’s approval.
Once both are approved, the Michael Beaudry companies (Michael Beaudry, Inc. and Centerstone Diamonds, Inc.) will emerge from reorganization and enter into the next phase of operations as a strong and vibrant company at a time the luxury market is demonstrating signs of recovery.
“We are delighted to complete successful negotiations with our secured lender and are preparing to exit Reorganization,” said CEO, Michael Beaudry. “We have new lines of jewelry being introduced at Couture, have experienced promising recent sales and are continuing to work with strategic accounts and partners advancing our business model.”
“Although this has been a slow and difficult process, the resulting effects of reorganization will prove extremely beneficial for the medium and long term. Over the past year, Beaudry has worked very hard and taken many steps to insure its continuing viability and prosperity confirming its collectors’ and retailers’ faith and support in Beaudry has been and will remain well-founded. We look forward to the remainder of 2010 and with renewed excitement for 2011 and thereafter.
Michael Kogan, of Ervin, Cohen & Jessup, represents the Beaudry companies and can provide additional details about the pending legal proceedings.
For more information about the Beaudry and its plan going forward, please call 213 623-5025.