Pursuits

Gems TV Seeks Bankruptcy Protection to Sell Assets

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By Phil Milford and Michael Bathon

April 5, 2010 at 4:35 PM UTC

This article is for subscribers only.

Gems TV (USA) Ltd., a television retailer of gemstone jewelry products, sought bankruptcy protection to sell its assets, after shutting down operations last month.

The Reno, Nevada-based company listed about $120 million in debt and about $51.2 million in assets in Chapter 11 court papers filed today in U.S. Bankruptcy Court in Wilmington, Delaware.