Dominion Diamond Mines Obtains Initial Order of Protection Under Companies' Creditors Arrangement Act (CCAA)
Rambus, Inc. (RMBS)
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Source: Business Wire
CALGARY, Alberta--(BUSINESS WIRE)--Dominion Diamond Mines ULC announced today that it and certain of its affiliates (collectively, “Dominion” or the “Company”) have filed for insolvency protection under the Companies’ Creditors Arrangement Act ("CCAA") and obtained an order from the Alberta Court of Queen’s Bench (the "Court") granting Dominion protection under the CCAA. Dominion intends to use the CCAA process to engage in discussions with its lenders, creditors, equity owner and other stakeholders and to solicit and evaluate strategic alternatives to restructure the Company financially and operationally, and position it for long-term success when global economic and industry conditions improve.Dominion has received and is considering a proposal from an affiliate of The Washington Companies, Dominion’s current equity owner, to provide debtor-in-possession (“DIP”) financing, which would help provide sufficient liquidity through the CCAA process. This proposal is conditional upon D
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