Ekati Mine (photo provided by the Dominion Diamond Corp)

By The Canadian Press

Dominion Diamond granted creditor protection, plans restructuring

Apr 23, 2020 | 7:29 AM

CALGARY – Dominion Diamond Mines ULC has been granted creditor protection under the Companies’ Creditors Arrangement Act.

The company says the CCAA filing was brought on by the impact of the COVID-19 pandemic, which closed the diamond markets.

Dominion operates the Ekati diamond mine, in which it owns a controlling interest, and also owns a 40 per cent stake in the Diavik diamond mine.

Dominion says it plans to hold talks with its lenders, creditors, equity owner and other stakeholders and evaluate its strategic alternatives to restructure the company.

The filing but offers the company time to restructure and negotiate with its creditors.

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The company shut down the Ekati mine last month in an effort to protect its workers and local communities from the spread of COVID-19.