CBC
B.C. Supreme Court approves extended creditor protection for Ekati mine operator
Tue, May 12, 2026 at 12:18 AM GMT+2
1 min read
Ekati Diamond Mine’s parent company won an extension of creditor protection Monday and approval of up to $60M in interim financing from the Canada Enterprise Emergency Funding Corporation.
B.C.’s Supreme Court also granted the Arctic Canadian Diamond Company more time to find possible new investors, refinance, or restructure. The company is the the Calgary-based operator of Northwest Territories’ Ekati Diamond Mine and a subsidiary of Australian mining company Burgundy Diamond Mines
The court also approved a formal sales and investment process for the mine.
Earlier this month, the company filed for and received creditor protection until May 11. That date has now been extended until July 26.
FTI Consulting Canada is the court-appointed monitor of the business and financial affairs of the companies, and posted the court decisions.
The court also approved up to $60M in additional interim financing the Canada Enterprise Emergency Funding Corporation (CEEFC).
The company already has $175 million in funding or credit from the CEEFC, along with millions in other liabilities to private lenders and trade creditors. In previous court filings, the Burgundy Group lists total liabilities of about $655 million, while Arctic Canadian Diamond’s liabilities related to Ekati appear to make up the bulk of that.
Also on Monday, the court approved a Sales and Investment Solicitation Process, allowing the company to pursue selling the Ekati Mine and assets, or to pursue other financial options. The final bidding deadline for that is September 25 and court approval is slated for October 23.