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BRIEF-Dominion Diamond Mines Obtains Initial Order Of Protection Under Companies' Creditors Arrangement Act

Published 2020-04-22, 06:40 p/m
© Reuters.

April 22 (Reuters) - DOMINION DIAMOND MINES:

* DOMINION DIAMOND MINES OBTAINS INITIAL ORDER OF PROTECTION UNDER COMPANIES' CREDITORS ARRANGEMENT ACT (CCAA)

* DOMINION DIAMOND MINES - INTENDS TO USE CCAA PROCESS TO ENGAGE IN DISCUSSIONS WITH ITS LENDERS, CREDITORS, EQUITY OWNER AND OTHER STAKEHOLDERS

* DOMINION DIAMOND MINES - INTENDS TO USE CCAA PROCESS TO EVALUATE STRATEGIC ALTERNATIVES TO RESTRUCTURE THE COMPANY FINANCIALLY AND OPERATIONALLY

* DOMINION DIAMOND MINES - CCAA FILING WAS NECESSITATED PRIMARILY BY THE IMPACT OF THE COVID-19 PANDEMIC

* DOMINION DIAMOND MINES - UNDER TERMS OF THE INITIAL ORDER, FTI WILL SERVE AS COURT-APPOINTED MONITOR OF DOMINION TO OVERSEE THE CCAA PROCEEDINGS

* DOMINION DIAMOND MINES - HAS GOT AND IS CONSIDERING A PROPOSAL FROM AN AFFILIATE OF THE WASHINGTON COMPANIES TO PROVIDE DEBTOR-IN-POSSESSION FINANCING

* DOMINION DIAMOND MINES - WASHINGTON COS PROPOSES IN MOU FOR ASSET SALE THAT AFFILIATE TO PAY/OTHERWISE SATISFY ALL OBLIGATIONS TO EMPLOYEES, GOVERNMENT AUTHORITIES

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