CALGARY, Alberta, May 14, 2026 (GLOBE NEWSWIRE) -- Burgundy Diamond Mines Limited (ASX:BDM) (Burgundy or the Company) and its subsidiary Arctic Canadian Diamond Company Ltd. ("ACDC") today, provided an update regarding their ongoing court-supervised proceedings under the Companies' Creditors Arrangement Act ("CCAA"). On Monday May 11, the Supreme Court of British Columbia granted ACDC a further extension of the stay of proceedings originally granted on May 1. The stay has been extended until July 28, and the Court also approved an interim Debtor-in-possession financing arrangement as well as the commencement of a sales and investment solicitation process in respect of ACDC and its assets. Burgundy reaffirms its commitment to employees, contractors, Indigenous partners, governments, local businesses, and northern communities while continuing operations at the Ekati Diamond Mine during the restructuring process. "We recognize the importance of Ekati Diamond Mine to the Northwest Territories economy and to the many employees, contractors, businesses and communities that rely on the operation," said Jeremy King, Chief Executive Officer of Burgundy Diamond Mines. "We understand the concern that the CCAA process creates for stakeholders, and we remain focused on maintaining safe and responsible operations, while working toward a long-term solution for the business." Recent public commentary regarding Burgundy's financial position and the federal government-backed Large Enterprise Tariff Loan ("LETL") facility has not fully reflected the broader operational and market realities facing the global natural diamond industry and remote northern mining operations. Since acquiring Ekati in July 2023, Burgundy has invested substantial capital into maintaining and extending operations, including: Funding and extending the Misery underground mine life Completing pre-feasibility and advancing feasibility studies for the Fox and Sable underground projects Supporting ongoing employment and northern procurement Continuing participation in critical northern infrastructure initiatives, including the annual winter road system. Burgundy emphasized that: Ekati is the sole operating asset controlled by Burgundy. Ekati is a large-scale, remote, fly-in fly-out sub-arctic mining operation with significant operating and sustaining capital requirements. Burgundy shareholders have not received any dividends or distributions of any kind since the acquisition and ongoing funding of the Ekati Diamond Mine. Burgundy has implemented significant cost reductions across its operations, including adjusting the Ekati operating model, and closing its Perth manufacturing facility, ... Full story available on Benzinga.com
Burgundy Diamond Mines: Update on operations and CCAA process
