Charles & Colvard sells assets for $2.7 million in Chapter 11 case, ceases operations
CTHR•Operations ceased after sale
Operations ceased during July following the asset sale.
Asset sale completed in Chapter 11 case
Charles & Colvard completed the sale of substantially all assets on July 1, 2026, generating gross proceeds of $2.7 million.
July cash disbursements and outstanding balances
July cash disbursements totaled $885,878, including $683,693 paid to secured creditor Vang Lang Jewelry.
Post-petition administrative expenses were not current, including $17,410 in quarterly fees and $11,984.41 owed to Hendren Redwine & Malone.
Ending accounts receivable balance was $191,239; post-petition accounts payable totaled $594,993, with older balances tied mainly to the corporate office lease.
