Burgundy Diamond Mines Limited (ASX: BDM) today announced that its subsidiary, Arctic Canadian Diamond Company Ltd. (ACDC), has filed for insolvency protection under the Companies’ Creditors Arrangement Act (“CCAA”). ACDC, which owns and operates the Ekati Diamond Mine, obtained an initial order from the Supreme Court of British Colombia, granting protection under the CCAA. Burgundy Diamond Mines Limited is an independent diamond company focused on the mining and production of diamonds, employing a mine-to-market business model that ensures total chain of custody and traceability. The CCAA protection also extends to Burgundy through a non-applicant stay party order.
The decision to seek CCAA protection for ACDC was driven by…