CENTENNIAL, CO--(Marketwire - December 21, 2010) - Shane Co., the largest privately-held jeweler in the United States, today announced that the company has successfully completed its financial restructuring and has emerged from Chapter 11 reorganization.
"This is a great day for Shane Co. At the beginning of the reorganization, I made a commitment to our vendors, customers and team members that Shane Co. would pay 100 cents of every dollar owed to all, and emerge from the proceedings stronger than ever," said Tom Shane, owner and founder of Shane Co.
The company's reorganization plan was highly praised by both the presiding judge and representatives of Shane Co.'s creditors during the reorganization confirmation hearing on November 10, 2010. Chief Judge Howard Tallman of the U.S. Bankruptcy Court-District of Colorado referred to the plan as "the ideal Chapter 11 that you can have," and stated: "It's refreshing to have a case that is a rehabilitation case. It's an actual reorganization case. We don't see many of those."
Joseph Vann, speaking on behalf of the unsecured creditors committee during the hearing, said: "Not only did [Tom Shane] essentially take money out of his pocket to take out a secured creditor, and thereby replace a secured creditor, he also stood in front of the largest creditors in the case on the organizational meeting and committed to them that whatever it took, he would make sure that he lived up to the debt of the company to the unsecured creditors and would stand by a 100 percent plan so long as it was feasible."
About Shane Co.
Shane Co. is the largest privately-held jeweler in the United States. The Centennial, Colo.-based company is a direct importer of diamonds, rubies, sapphires and pearls, and operates 20 stores in 13 states, as well as an online store at www.ShaneCo.com. Shane Co. is recognized in the industry as a price leader offering the finest array of customer benefits, including a free lifetime warranty and a 60-day unconditional refund or exchange guarantee.
Shane Co. on Facebook, Shane Co. on Twitter
Contact Information:
CONTACT:
Price Blanchard
Shane Co.
Phone: 303-792-3568
