Sept 9 (Reuters) - Stornoway Diamond Corp SWY.TO :
* STORNOWAY FILES FOR CREDITOR PROTECTION UNDER THE CCAA
* STORNOWAY DIAMOND - CORP, UNITS APPLIED TO SUPERIOR COURT OF QUEBEC FOR PROTECTION UNDER CCAA TO RESTRUCTURE ITS BUSINESS AND FINANCIAL AFFAIRS
* STORNOWAY DIAMOND - ON SEPT 8, CO & UNITS ENTERED LETTER OF INTENT WITH CERTAIN SECURED CREDITORS UNDER BRIDGE FINANCING AGREEMENT
* STORNOWAY DIAMOND - UNDER LOI, PARTICIPATING SECURED CREDITORS CONFIRMED INTENTION TO ACQUIRE ALL OF ASSETS AND PROPERTIES OF CO & UNITS
* STORNOWAY DIAMOND - CO'S UNITS ENTERED WORKING CAPITAL FACILITY AGREEMENT WITH PARTICIPATING SECURED CREDITORS FOR WORKING CAPITAL FACILITY OF $20 MILLION
* STORNOWAY DIAMOND - WORKING CAPITAL FACILITY PROVIDES FINANCING, LIQUIDITY TO ENSURE RENARD MINE CONTINUES TO OPERATE IN UNINTERRUPTED MANNER
* STORNOWAY DIAMOND - INTEND TO CONTINUE TO OPERATE AND MANAGE BUSINESS IN ORDINARY COURSE, INCLUDING RENARD MINE
* STORNOWAY - CONTINUED DOWNWARD PRESSURE ON MARKET PRICE FOR ROUGH DIAMONDS CONTRIBUTED TO CO'S INABILITY TO GENERATE POSITIVE FREE CASH FLOW IN 2019