Arctic Journal
NWT
Dominion Diamonds Mines has completed the sale of the Ekati Diamond Mine and associated assets to Arctic Canadian Diamond Company Ltd.
The company has also assumed $70 million U.S. of Dominion’s outstanding debt “under its existing revolving credit agreement and the reclamation obligations of the Ekati mine.”
Arctic Canadian Diamond Company Ltd. is formed and owned by funds and accounts managed by DDJ Capital Management, Brigade Capital Management, LP and Western Asset Management Company, LLC.
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Dominion Diamond Mines ULC ( Dominion or the Company ) announced today that it has completed the previously announced sale of the Ekati Mine and associated assets to Arctic Canadian Diamond Company Ltd. ( Arctic ), a company formed and owned by funds and accounts managed by DDJ Capital Management, Brigade Capital Management, LP and Western Asset Management Company, LLC. The Alberta Court of Queen s Bench (the Court ) approved the sale pursuant to an order issued on December 11, 2020.
Arctic has acquired substantially all of Dominion s assets, excluding Dominion s interest in the joint venture agreement and liabilities relating to the Diavik Diamond Mine, in consideration for the assumption of various liabilities owing to Dominion s creditors, employees, suppliers and surety bond holders, including assuming US$70 million of Dominion s outstanding indebtedness under its existing revolving credit agreement and the reclamation obligations of the Ekati mine. In addition, Arcti