NJ Eyewear Company Must Liquidate After Bankruptcy End Run

A New Jersey-based eyewear designer must liquidate under the oversight of a trustee after failing to pay creditors and its own legal bills stemming from a previous bankruptcy.

Icon Eyewear Inc. was accused of abusing the bankruptcy system after it filed a Chapter 11 case in the U.S. Bankruptcy Court for the District of New Jersey on Oct. 18. A committee of unsecured creditors said the company filed the October petition “without any advance notice whatsoever” after defaulting on payments tied to a bankruptcy reorganization plan approved in March.

Icon not only failed to pay its creditors as promised, but ...