Who Is Owed What by the Owner of Northwest Territories’ Ekati Diamond Mine?
FTI Consulting’s creditor list shows about $376 million owed, including a $176 million federal loan and millions more to Northwest Territories businesses.
- Arctic Canadian Diamond Company, owner of the Ekati diamond mine, faces a Monday, May 11, deadline to submit a restructuring plan after filing for insolvency protection. FTI Consulting reported Tuesday that the firm holds around $376 million in total secured and unsecured debt.
- Secured debtors, including the Canadian Enterprise Emergency Funding Corporation in Toronto, are prioritized for repayment from Ekati's assets; this federal loan accounts for $176 million of total liabilities, likely including accrued interest.
- Unsecured creditors, including many NWT-based companies, face greater uncertainty regarding potential losses; the GNWT is owed around $8.6 million in back taxes, while Finning Canada in Kam Lake could be out nearly $6.7 million.
- Several Yellowknife-based firms, including 3320588 Canada Ltd. and Dene Dyno Nobel, are owed at least $1 million, while Kete Whii Procon in Ndilo and the Yellowknives Dene First Nation's Det on Cho Corporation report significant outstanding bills.
- International creditors also face financial risks from the insolvency, with Ontario-based Caterpillar Financial Services owed $4.5 million, Netherlands-based IHC Mining on the hook for nearly $2 million, and India-based Worldwide Diamond Sorting claiming close to $1 million.
14 Articles
14 Articles
Who is owed what by the owner of Northwest Territories’ Ekati diamond mine? - Creston Valley Advance
We know Ekati diamond mine is on the brink because its parent company, Arctic Canadian Diamond Company (ACDC), is in financial distress. The company has filed for insolvency protection in order to try and come up with some sort of plan for the mine’s future, but just how bad is it? One way to find out is to see who ACDC owes money to and that list was filed by FTI Consulting, the firm looking after ACDC’s case, on Tuesday. A quick look at the am…
Who is owed what by the owner of Northwest Territories’ Ekati diamond mine? - Fort St. James Caledonia Courier
We know Ekati diamond mine is on the brink because its parent company, Arctic Canadian Diamond Company (ACDC), is in financial distress. The company has filed for insolvency protection in order to try and come up with some sort of plan for the mine’s future, but just how bad is it? One way to find out is to see who ACDC owes money to and that list was filed by FTI Consulting, the firm looking after ACDC’s case, on Tuesday. A quick look at the am…
Who is owed what by the owner of Northwest Territories’ Ekati diamond mine? - Grand Forks Gazette
We know Ekati diamond mine is on the brink because its parent company, Arctic Canadian Diamond Company (ACDC), is in financial distress. The company has filed for insolvency protection in order to try and come up with some sort of plan for the mine’s future, but just how bad is it? One way to find out is to see who ACDC owes money to and that list was filed by FTI Consulting, the firm looking after ACDC’s case, on Tuesday. A quick look at the am…
Who is owed what by the owner of Northwest Territories’ Ekati diamond mine? - Vanderhoof Omineca Express
We know Ekati diamond mine is on the brink because its parent company, Arctic Canadian Diamond Company (ACDC), is in financial distress. The company has filed for insolvency protection in order to try and come up with some sort of plan for the mine’s future, but just how bad is it? One way to find out is to see who ACDC owes money to and that list was filed by FTI Consulting, the firm looking after ACDC’s case, on Tuesday. A quick look at the am…
Red Deer Advocate
Who is owed what by the owner of Northwest Territories’ Ekati diamond mine?
We know Ekati diamond mine is on the brink because its parent company, Arctic Canadian Diamond Company (ACDC), is in financial distress. The company has filed for insolvency protection in order to try and come up with some sort of plan for the mine’s future, but just how bad is it? One way to find out is to see who ACDC owes money to and that list was filed by FTI Consulting, the firm looking after ACDC’s case, on Tuesday. A quick look at the am…
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