Arctic Canadian Diamond Company Ltd. and Burgundy Diamonds (Canada) Limited
Follow- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985 c. C-36 as amended
- File
- S-263255
- Industry
- Mining · Gold, diamonds & precious metals
Arctic Canadian Diamond Company Ltd. and Burgundy Diamonds (Canada) Limited were placed in court-appointed receivership in Alberta on July 14, 2026, under section 243 of the BIA and provincial Judicature Act authority. The receivership follows CCAA proceedings with a filing date of May 1, 2026, in which Canada Enterprise Emergency Funding Corporation, the first-ranking secured lender, also served as DIP lender. As of May 8, 2026, CEEFC was owed CAD $175,000,000 as lender, administrative agent and Australian security trustee under term loan facilities governed by an amended and restated agreement dated March 4, 2026. Second-ranking debt of USD $78,000,000 as of March 31, 2026 is owed to the 2L lenders under a second lien credit agreement dated February 3, 2021, as amended four times, with Alter Domus (US) LLC as administrative and collateral agent. Arctic is the borrower on both facilities, guaranteed by Burgundy Diamonds (Canada) Limited and Burgundy Diamond Mines Ltd. The proceeding is active.
Arctic Canadian Diamond Company Ltd. and Burgundy Diamonds (Canada) Limited — Receivership filed, Northwest Territories.
Source: Receivership Order
The court approved a sale and investment solicitation process. A phase 1 deadline of 2026-07-10. A bid deadline of 2026-09-25.
The court approved a sale and investment solicitation process. A phase 1 deadline of 2026-07-10. A bid deadline of 2026-09-25.
Source: SISP Order
The officer filed report no. First Report. ACDC continues to operate the Ekati Mine while pursuing a sale and investment solicitation process (SISP) to identify a purchaser or investor, supported by interim financing to fund ongoing mine operations and restructuring costs.
Source: First Report of the Monitor
Outcome brief
Arctic Canadian Diamond: a financial model to 2039, and a receiver to close the mine
Ekati's CCAA ran on a $60-million facility from the Canada Enterprise Emergency Funding Corporation, of which $10 million was drawn. When the sale process produced no qualified bid, the second tranche stopped being expected — and the Northwest Territories asked for a receiver whose mandate is reclamation, not sale.
Debtor
Arctic Canadian Diamond Company Ltd. and Burgundy Diamonds (Canada) Limited
Receiver
PwC
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Walker | Supreme Court of British Columbia | 3 orders, May 2026 – Jul 2026 | 31 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ApplicantFTI Consulting Canada Inc | Blake, Cassels & Graydon LLP | 13 Jul 2026 | Service list · 13 Jul 2026 |
| CreditorAlter Domus (US) LLC | MLT Aikins LLP | 13 Jul 2026 | Service list · 13 Jul 2026 |
| CreditorGovernment of the Northwest Territories | Osler, Hoskin & Harcourt LLP | 13 Jul 2026 | Service list · 13 Jul 2026 |
| CreditorMidwest Industrial Supply Inc | Aird & Berlis LLP | 13 Jul 2026 | Service list · 13 Jul 2026 |
| CreditorProcon Mining and Tunnelling Inc | Chaitons LLP | 13 Jul 2026 | Service list · 13 Jul 2026 |
| CreditorPublic Service Alliance of Canada/ Union of Northern Workers | Nugent Law Office | 13 Jul 2026 | Service list · 13 Jul 2026 |
| CreditorTłı ̨ chǫ Government | Pape Salter Teillet LLP | 13 Jul 2026 | Service list · 13 Jul 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Government of the Northwest Territories (GNWT) · in 4 casesTwo reclamation bonds — Regulatory - reclamation security; approximate total of two bonds — debtor: ACDC | $198M | Pre-Filing Report of the Proposed Monitor |
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured |
5 more claims in 1 class The stack holds Secured claims.
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See all plansNo acceptable bid — No LOIs were received that satisfied the criteria to be considered Qualified LOIs, and the Applicants terminated the SISPSecond Report of the Monitor · 13 Jul 2026
9 engagements · 2 firms — latest: Fasken Martineau DuMoulin LLP, 28 Apr – 15 Jul 2026, soughtAffidavit #1 of Lisa Hiebert · 20 Jul 2026
| Firm | Period | Hours | Fees | Rates | Source | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FTI Consulting Canada Inc.Monitorperiod 4 of 4 | 24 Apr – 12 Jul 2026Sought | 7 people | Affidavit #1 of Thomas Powell · 20 Jul 2026 | ||||||||||||||||||||||||||||||||||||||||||
7 people — FTI Consulting Canada Inc., 24 Apr – 12 Jul 2026 · 21 blurred figures
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| FTI Consulting Canada Inc.Monitorperiod 4 of 4 | to 12 Jul 2026 | 5 people | Affidavit #1 of Thomas Powell · 20 Jul 2026 | ||||||||||||||||||||||||||||||||||||||||||
5 people — FTI Consulting Canada Inc., to 12 Jul 2026 · 15 blurred figures
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| FTI Consulting Canada Inc.Monitorperiod 2 of 4 | to 30 Jun 2026 | 5 people | Affidavit #1 of Thomas Powell · 20 Jul 2026 | ||||||||||||||||||||||||||||||||||||||||||
5 people — FTI Consulting Canada Inc., to 30 Jun 2026 · 15 blurred figures
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| FTI Consulting Canada Inc.Monitorperiod 1 of 4 | to 31 May 2026 | 6 people | Affidavit #1 of Thomas Powell · 20 Jul 2026 | ||||||||||||||||||||||||||||||||||||||||||
6 people — FTI Consulting Canada Inc., to 31 May 2026 · 18 blurred figures
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| Fasken Martineau DuMoulin LLPCounsel to the monitorperiod 5 of 5 | to 15 Jul 2026 | 4 people | Affidavit #1 of Lisa Hiebert · 20 Jul 2026 | ||||||||||||||||||||||||||||||||||||||||||
4 people — Fasken Martineau DuMoulin LLP, to 15 Jul 2026 · 14 blurred figures
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| Fasken Martineau DuMoulin LLPCounsel to the monitorperiod 5 of 5 | 28 Apr – 15 Jul 2026Sought | 4 people | Affidavit #1 of Lisa Hiebert · 20 Jul 2026 | ||||||||||||||||||||||||||||||||||||||||||
4 people — Fasken Martineau DuMoulin LLP, 28 Apr – 15 Jul 2026 · 14 blurred figures
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| Fasken Martineau DuMoulin LLPCounsel to the monitorperiod 3 of 5 | to 2 Jul 2026 | 3 people | Affidavit #1 of Lisa Hiebert · 20 Jul 2026 | ||||||||||||||||||||||||||||||||||||||||||
3 people — Fasken Martineau DuMoulin LLP, to 2 Jul 2026 · 11 blurred figures
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| Fasken Martineau DuMoulin LLPCounsel to the monitorperiod 2 of 5 | to 31 May 2026 | 3 people | Affidavit #1 of Lisa Hiebert · 20 Jul 2026 | ||||||||||||||||||||||||||||||||||||||||||
3 people — Fasken Martineau DuMoulin LLP, to 31 May 2026 · 11 blurred figures
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| Fasken Martineau DuMoulin LLPCounsel to the monitorperiod 1 of 5 | —Sought | — | — | not stated | Affidavit #1 of Thomas Powell · 20 Jul 2026 | ||||||||||||||||||||||||||||||||||||||||
143 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Order (Fee Approval)
| PDF · Subscribers | |
Affidavit #1 of Lisa Hiebert
| PDF · Subscribers | |
Affidavit #1 of Thomas Powell
| PDF · Subscribers | |
| Notice of Application (Fee Approval) | PDF · Subscribers | |
Receivership Order
| PDF · Subscribers | |
Application Record (Receivership)
| PDF · Subscribers | |
Second Report of the Monitor
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Mutual Non-Disclosure Agreement
| PDF · Subscribers | |
Order (Amended and Restated Initial Order)
| PDF · Subscribers | |
Order (Sales and Investment Solicitation Process)
| PDF · Subscribers | |
Teaser Letter
| PDF · Subscribers | |
| Affidavit #2 of Brent Mierau | PDF · Subscribers | |
| Affidavit #2 of J. Alambre | PDF · Subscribers | |
First Report of the Monitor
| PDF · Subscribers | |
| Notice of Application | PDF · Subscribers | |
Creditor List
| PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
Affidavit #1 of B. Mierau
| PDF · Subscribers | |
Affidavit #1 of J. Alambre
| PDF · Subscribers | |
Initial Order
| PDF · Subscribers | |
Petition to Court
| PDF · Subscribers | |
Pre-Filing Report of the Proposed Monitor
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Arctic Canadian Diamond Company Ltd. and Burgundy Diamonds (Canada) Limited” (CCAA), Supreme Court of British Columbia. Retrieved 4 November 2026, https://proceedings.ca/case/arctic-canadian-diamond-company-ltd-and-burgundy-diamonds-canada-limited