Proceedings.

Arctic Canadian Diamond Company Ltd. and Burgundy Diamonds (Canada) Limited

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Active
Proceeding
CCAACompanies' Creditors Arrangement Act, R.S.C. 1985 c. C-36 as amended
Court
Supreme Court of British Columbia
File
S-263255
Filings held23
Last activity27 Jul 2026
On the record69 days
Secured debt$175M
OverviewSummary updated

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.

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Case updates24 dated entries
#Order

Arctic Canadian Diamond Company Ltd. and Burgundy Diamonds (Canada) Limited — Receivership filed, Northwest Territories.

Source: Receivership Order

#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.

Source: SISP Order

#Report

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

AnalysisAll insights⁠

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.

Parties

Debtor

Arctic Canadian Diamond Company Ltd. and Burgundy Diamonds (Canada) Limited

Receiver

PwC

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice WalkerSupreme Court of British Columbia3 orders, May 2026 – Jul 202623 cases on record

Counsel of record

PartyCounselFirst seenSource
ApplicantFTI Consulting Canada IncBlake, Cassels & Graydon LLP13 Jul 2026Service list · 13 Jul 2026
CreditorGovernment of the Northwest TerritoriesOsler, Hoskin & Harcourt LLP13 Jul 2026Service list · 13 Jul 2026
CreditorMidwest Industrial Supply IncAird & Berlis LLP13 Jul 2026Service list · 13 Jul 2026
CreditorProcon Mining and Tunnelling IncChaitons LLP13 Jul 2026Service list · 13 Jul 2026
CreditorPublic Service Alliance of Canada/ Union of Northern WorkersNugent Law Office13 Jul 2026Service list · 13 Jul 2026
CreditorTłı ̨ chǫ GovernmentPape Salter Teillet LLP13 Jul 2026Service list · 13 Jul 2026
Capital structureAs asserted in the filings
stated amounts, drawn to scale
Priority classCreditorAmountSource
SecuredCanada Enterprise Emergency Funding Corporation (CEEFC)LETL Facility - first-ranking security; facility limit up to C$175 million, fully advanced — Loan facility under Canada's Large Enterprise Tariff Loan program; full amount advanced (functions as outstanding balance) — debtor: ACDC$175MPre-Filing Report of the Proposed Monitor
SecuredLenders under subordinate facility (unnamed)Security ranks subordinate to the LETL Facility — Approximate amount owed ('approximately US$79 million') — debtor: ACDC$79M USDPre-Filing Report of the Proposed Monitor
SecuredGovernment of the Northwest Territories (GNWT) · in 4 casesSurety bond deposits — Regulatory - reclamation security; approximate amount — debtor: ACDC$20MPre-Filing Report of the Proposed Monitor
Sale processAs stated in the filings

No 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

Parties solicited

140

Second Report of the Monitor

NDAs signed

3

Second Report of the Monitor

Letters of intent

0

Second Report of the Monitor

Qualified bids

0

Second Report of the Monitor

Bid deadline (round closed)

25 September 2026

Order (Sales and Investment Solicitation Process)

Phase 1 deadline

10 July 2026

Order (Sales and Investment Solicitation Process)

AdvisorsFTI Consulting Canada Inc. (sale agent)Second Report of the Monitor
Fees and ratesAs stated in the filings

9 engagements · 2 firms — latest: Fasken Martineau DuMoulin LLP, 28 Apr – 15 Jul 2026, $84,075.50 soughtAffidavit #1 of Lisa Hiebert · 20 Jul 2026

FirmPeriodHoursFeesRatesSource
FTI Consulting Canada Inc.Monitorperiod 4 of 4to 12 Jul 202689.9$77,360.50ex. tax$480 – $1,1355 peopleAffidavit #1 of Thomas Powell · 20 Jul 2026
5 people — FTI Consulting Canada Inc., to 12 Jul 2026
NameTitleHoursRateFees
Deryck HelkaaSenior Managing Director11.2$1,135$12,712.00
Thomas PowellSenior Managing Director26.7$1,070$28,569.00
Longmai YanDirector50.4$700$35,280.00
Tessa ChiricostaSenior Consultant0.3$585$175.50
Jennifer YeConsultant1.3$480$624.00
FTI Consulting Canada Inc.Monitorperiod 4 of 424 Apr – 12 Jul 2026Sought617.8$503,039.50ex. tax$480 – $1,1357 peopleAffidavit #1 of Thomas Powell · 20 Jul 2026
7 people — FTI Consulting Canada Inc., 24 Apr – 12 Jul 2026
NameTitleHoursRateFees
Deryck HelkaaSenior Managing Director61.6$1,135$69,916.00
Thomas PowellSenior Managing Director105.4$1,070$112,778.00
Craig MunroManaging Director4.6$815$3,749.00
Michael ClarkManaging Director74.9$815$61,043.50
Longmai YanDirector334.6$700$234,220.00
Tessa ChiricostaSenior Consultant35.4$585$20,709.00
Jennifer YeConsultant1.3$480$624.00
FTI Consulting Canada Inc.Monitorperiod 2 of 4to 30 Jun 2026228.8$188,389.50ex. tax$585 – $1,1355 peopleAffidavit #1 of Thomas Powell · 20 Jul 2026
5 people — FTI Consulting Canada Inc., to 30 Jun 2026
NameTitleHoursRateFees
Deryck HelkaaSenior Managing Director34.9$1,135$39,611.50
Thomas PowellSenior Managing Director31.1$1,070$33,277.00
Michael ClarkManaging Director14.4$815$11,736.00
Longmai YanDirector147.4$700$103,180.00
Tessa ChiricostaSenior Consultant1$585$585.00
FTI Consulting Canada Inc.Monitorperiod 1 of 4to 31 May 2026299.1$237,289.50ex. tax$585 – $1,1356 peopleAffidavit #1 of Thomas Powell · 20 Jul 2026
6 people — FTI Consulting Canada Inc., to 31 May 2026
NameTitleHoursRateFees
Deryck HelkaaSenior Managing Director15.5$1,135$17,592.50
Thomas PowellSenior Managing Director47.6$1,070$50,932.00
Craig MunroManaging Director4.6$815$3,749.00
Michael ClarkManaging Director60.5$815$49,307.50
Longmai YanDirector136.8$700$95,760.00
Tessa ChiricostaSenior Consultant34.1$585$19,948.50
Fasken Martineau DuMoulin LLPCounsel to the monitorperiod 5 of 5to 15 Jul 202625.3$21,856.50ex. tax$470 – $1,1004 peopleAffidavit #1 of Lisa Hiebert · 20 Jul 2026
4 people — Fasken Martineau DuMoulin LLP, to 15 Jul 2026
NameTitleHoursRateFees
Kibben M. JacksonPartner1.3$1,100$1,430.00
Lisa HiebertPartner15.1$900$13,590.00
Glen NesbittPartner8.7$775$6,742.50
Suzanne VolkowParalegal / Law Clerks0.2$470$94.00
Total—25.3—$21,856.50
Fasken Martineau DuMoulin LLPCounsel to the monitorperiod 5 of 528 Apr – 15 Jul 2026Sought95.7$84,075.50ex. tax$470 – $1,1004 peopleAffidavit #1 of Lisa Hiebert · 20 Jul 2026
4 people — Fasken Martineau DuMoulin LLP, 28 Apr – 15 Jul 2026
NameTitleHoursRateFees
Kibben M. Jackson—5.7$1,100$6,270.00
Lisa Hiebert—76.4$900$68,760.00
Glen Nesbitt—8.7$775$6,742.50
Suzanne Volkow—4.9$470$2,303.00
TOTAL—95.7—$84,075.50
Fasken Martineau DuMoulin LLPCounsel to the monitorperiod 3 of 5to 2 Jul 202624.9$22,146.00ex. tax$470 – $1,1003 peopleAffidavit #1 of Lisa Hiebert · 20 Jul 2026
3 people — Fasken Martineau DuMoulin LLP, to 2 Jul 2026
NameTitleHoursRateFees
Kibben M. JacksonPartner0.4$1,100$440.00
Lisa HiebertPartner23.7$900$21,330.00
Suzanne VolkowParalegal / Law Clerks0.8$470$376.00
Total—24.9—$22,146.00
Fasken Martineau DuMoulin LLPCounsel to the monitorperiod 2 of 5to 31 May 202640$34,863.00ex. tax$470 – $1,1003 peopleAffidavit #1 of Lisa Hiebert · 20 Jul 2026
3 people — Fasken Martineau DuMoulin LLP, to 31 May 2026
NameTitleHoursRateFees
Kibben M. JacksonPartner2.7$1,100$2,970.00
Lisa HiebertPartner33.4$900$30,060.00
Suzanne VolkowParalegal / Law Clerks3.9$470$1,833.00
Total—40—$34,863.00
Fasken Martineau DuMoulin LLPCounsel to the monitorperiod 1 of 5—Sought——not statedAffidavit #1 of Thomas Powell · 20 Jul 2026

Top rate $1,100 · 53rd percentile of counsel rates, 2026 · of 69

Estate financialsReported figures — never derived
Total liabilities at filing$482M USD

As at 31 Dec 2025 · per book value · Burgundy Group (consolidated - parent Burgundy Diamond Mines Ltd. and all subsidiaries, including ACDC and BDC) — Total liabilities comprised of current liabilities ~US$98 million and non-current liabilities ~US$384 million (book value); total assets not stated in the document

Professional fees to date

$3.8M

As at 8 May 2026First Report of the Monitor

Documents
23 filings
DateDocumentFile
Order (Fee Approval)
  • Presiding officer Justice P. Walker
PDF
Affidavit #1 of Lisa Hiebert
  • Fee schedule Engagements: Form: invoice_listing · Rows: Lisa Hiebert; Kibben Jackson; Glen Nesbitt; Suzanne Volkow; Fees: 84075.5 · Hours: 95.7 · Quote: TOTAL | TOTAL | 95.70 | $84,075.50 · Row kind: subtotal · Rate kind: standard · Name as stated: TOTAL · Money: Tax: $10.1K · Label: taxes · Quote: taxes in the amount of $10,115.99 · Fees: $84.1K · Quote: Fasken invoiced fees amounting to $84,075.50 · Total: $94.7K · Quote: for a total of $94,722.94 ('Fasken's Fees') · includes tax · includes disbursements · Approximate: false · Disbursements: $118 · Quote: incurred and invoiced for disbursements in the amount of $117.50 · Period: End: 2026-07-15 · Kind: cumulative · Quote: As detailed in Fasken's Invoices, from April 28 to July 15, 2026, Fasken invoiced fees amounting to $84,075.50 · Start: 2026-04-28 · Approval: Quote: I make this affidavit in support of FTI's application for approval of the Monitor's fees and disbursements and the fees and disbursements of Fasken incurred in connection with the CCA A Proceedings. · State: sought · Averages: · Currency: Code: CAD · Quote: CAD $ 39,435.71 · Invoices: Tax: 627 · Date: 2026-05-27 · Fees: 5210 · Quote: A | 2282529 | May 27, 2026 | $5,210.00 | $36.00 | $627.00 | $5,873.00 · Total: 5873 · Disbursements: 36; Tax: 4201.76 · Date: 2026-06-10 · Fees: 34863 · Quote: B | 2290078 | June 10,2026 | $34,863.00 | $370.95 | $4,201.76 | $39,435.71 · Total: 39435.71 · Disbursements: 370.95; Tax: 2657.92 · Date: 2026-07-03 · Fees: 22146 · Quote: C | 2299236 | July 3, 2026 | $22,146.00 | $8.00 | $2,657.92 | $24,811.92 · Total: 24811.92 · Disbursements: 8; Tax: 2628.31 · Date: 2026-07-17 · Fees: 21856.5 · Quote: D | 2300166 | July 17, 2026 | $21,856.50 | $117.50 | $2,628.31 | $24,602.31 · Total: 24602.31 · Disbursements: 117.5 · Firm text: Fasken Martineau DuMoulin LLP · Firm quote: I am a partner at Fasken Martineau DuMoulin LLP ('Fasken'), counsel for FTI Consulting Canada Inc. ('FTI') in its capacity as the Court-appointed monitor of the Debtors in these proceedings · Hours total: Quote: TOTAL | TOTAL | 95.70 | $84,075.50 · Value: 95.7 · Context quote: counsel for FTI Consulting Canada Inc. ('FTI') in its capacity as the Court-appointed monitor of the Debtors in these proceedings · Comparability quote: the hourly rates reflected on Fasken's Invoices and below are commensurate with those charged by other law firms for work of a similar nature and complexity in British Columbia.; Form: time_summary · Rows: Lisa C. Hiebert; Kibben M. Jackson; Suzanne Volkow; Fees: 34863 · Hours: 40 · Quote: Total | 40.00 | CAD $ 34,863.00 · Row kind: subtotal · Rate kind: standard · Name as stated: Total · Money: Tax: $4.2K · Label: Total Taxes · Quote: Total Taxes | 4,201.76 · Fees: $34.9K · Quote: Total Fees | $ 34,863.00 · Total: $39.4K · Quote: Total Fees, Disbursements and Taxes | ________ 39,435,71 · includes tax · includes disbursements · Approximate: false · Disbursements: $371 · Quote: Total Disbursements | 370.95 · Period: End: 2026-05-31 · Kind: invoice · Quote: For Professional Services rendered through May 31, 2026 as described in the attached memorandum. · Approval: State: unstated · Averages: · Currency: Code: CAD · Quote: CAD $39,435.71 · Invoices: · Firm text: Fasken Martineau DuMoulin LLP · Firm quote: Fasken Martineau DuMoulin LLP · Hours total: Quote: Total | 40.00 | CAD $ 34,863.00 · Value: 40 · Context quote: For Professional Services rendered through May 31, 2026 as described in the attached memorandum.; Form: time_summary · Rows: Lisa C. Hiebert; Kibben M. Jackson; Suzanne Volkow; Fees: 22146 · Hours: 24.9 · Quote: Total | 24.90 | CAD $ 22,146.00 · Row kind: subtotal · Rate kind: standard · Name as stated: Total · Money: Tax: $2.66K · Label: Total Taxes · Quote: Total Taxes | 2,657.92 · Fees: $22.1K · Quote: Total Fees | $ 22,146.00 · Total: $24.8K · Quote: Total Fees, Disbursements and Taxes | 24 811.92 · includes tax · includes disbursements · Approximate: false · Disbursements: $8 · Quote: Total Taxable Disbursements | 8 00 · Period: End: 2026-07-02 · Kind: invoice · Quote: For Professional Services rendered through July 02, 2026 as described in the attached memorandum. · Approval: State: unstated · Averages: · Currency: Code: CAD · Quote: CAD $ 24 811.92 · Invoices: · Firm text: Fasken Martineau DuMoulin LLP · Firm quote: Fasken Martineau DuMoulin LLP · Hours total: Quote: Total | 24.90 | CAD $ 22,146.00 · Value: 24.9 · Context quote: For Professional Services rendered through July 02, 2026 as described in the attached memorandum.; Form: time_summary · Rows: Lisa C. Hiebert; Kibben M. Jackson; Glen Nesbitt; Suzanne Volkow; Fees: 21856.5 · Hours: 25.3 · Quote: Total | 25.30 | CAD $ 21,856.50 · Row kind: subtotal · Rate kind: standard · Name as stated: Total · Money: Tax: $2.63K · Label: Total Taxes · Quote: Total Taxes | 2,628.31 · Fees: $21.9K · Quote: Total Fees | $ 21,856.50 · Total: $24.6K · Quote: Total Fees, Disbursements and Taxes | 24,602.31 · includes tax · includes disbursements · Approximate: false · Disbursements: $118 · Quote: Total Disbursements | 117.50 · Period: End: 2026-07-15 · Kind: invoice · Quote: For Professional Services rendered through July 15, 2026 as described in the attached memorandum. · Approval: State: unstated · Averages: · Currency: Code: CAD · Quote: CAD $ 24,602.31 · Invoices: · Firm text: Fasken Martineau DuMoulin LLP · Firm quote: Fasken Martineau DuMoulin LLP · Hours total: Quote: Total | 25.30 | CAD $ 21,856.50 · Value: 25.3 · Context quote: For Professional Services rendered through July 15, 2026 as described in the attached memorandum.
PDF
Affidavit #1 of Thomas Powell
  • Fee schedule Engagements: Form: time_summary · Rows: Deryck Helkaa; Thomas Powell; Mike Clark; Craig Munro; Longmai Yan; Tessa Chiricosta; Jennifer Ye · Money: Tax: $25.2K · Label: taxes · Quote: taxes in the amount of $25,225.41 · Fees: $503K · Quote: FTI invoiced fees amounting to $503,039.50 · Total: $530K · Quote: for a total of $529,733.43 (the 'Monitor's Fees') · includes tax · includes disbursements · Approximate: false · Disbursements: $1.47K · Quote: incurred and invoiced for disbursements in the amount of $1,468.52 · Period: End: 2026-07-12 · Kind: cumulative · Quote: for the period from April 24, 2026 to July 12, 2026 · Start: 2026-04-24 · Approval: Quote: FTI's application for approval of the Monitor's fees and disbursements · State: sought · Averages: · Currency: Code: CAD · Quote: Amount CAD · Invoices: Tax: 11864.48 · Date: 2026-06-04 · Fees: 237289.5 · Quote: A | 102900003748 | June 4, 2026 | $237,289.50 | $0.00 | $11,864.48 | $249,153.98 · Total: 249153.98 · Disbursements: 0; Tax: 9419.48 · Date: 2026-07-03 · Fees: 188389.5 · Quote: B | 102900003849 | July 3, 2026 | $188,389.50 | $0.00 | $9,419.48 | $197,808.98 · Total: 197808.98 · Disbursements: 0; Tax: 3941.45 · Date: 2026-07-13 · Fees: 77360.5 · Quote: C | 102900003911 | July 13,2026 | $77,360.50 | $1,468.52 | $3,941.45 | $82,770.47 · Total: 82770.47 · Disbursements: 1468.52 · Firm text: FTI Consulting Canada Inc. · Firm quote: I am a Senior Managing Director of FTI Consulting Canada Inc. ('FTI'). · Hours total: Quote: TOTALS | 617.8 | $503,039.50 · Value: 617.8 · Context quote: FTI acted as the Court-appointed monitor of the Debtors in these proceedings (in such capacity, the 'Monitor').; Form: invoice_listing · Rows: Deryck Helkaa; Thomas Powell; Craig Munro; Michael Clark; Longmai Yan; Tessa Chiricosta · Money: Tax: $11.9K · Label: GST (5%) · Quote: GST (5%) | $237,289.50 $11,864.48 · Fees: $237K · Quote: Total Professional Services Total Professional Services | | 299.10 | $237,289.50 · Total: $249K · Quote: Total Due | $249,153.98 · includes tax · Approximate: false · Period: End: 2026-05-31 · Kind: invoice · Quote: Current Invoice Period: Charges posted through May 31, 2026 · Approval: State: unstated · Averages: · Currency: Code: CAD · Quote: Amount CAD · Invoices: · Firm text: FTI Consulting Canada Inc. · Firm quote: I am a Senior Managing Director of FTI Consulting Canada Inc. ('FTI'). · Hours total: Quote: Total Professional Services Total Professional Services | | 299.10 | $237,289.50 · Value: 299.1 · Context quote: FTI acted as the Court-appointed monitor of the Debtors in these proceedings (in such capacity, the 'Monitor').; Form: invoice_listing · Rows: Deryck Helkaa; Tom Powell; Mike Clark; Longmai Yan; Tessa Chiricosta · Money: Tax: $9.42K · Label: GST (5%) · Quote: GST (5%) | $188,389.50 $9,419.48 · Fees: $188K · Quote: Total Professional Services | | | 228.80 | $188,389.50 · Total: $198K · Quote: Total Due __ | __________________________________________________________$197,808.98 · includes tax · Approximate: false · Period: End: 2026-06-30 · Kind: invoice · Quote: Current Invoice Period: Charges posted through June 30, 2026 · Approval: State: unstated · Averages: · Currency: Code: CAD · Quote: Amount CAD · Invoices: · Firm text: FTI Consulting Canada Inc. · Firm quote: I am a Senior Managing Director of FTI Consulting Canada Inc. ('FTI'). · Hours total: Quote: Total Professional Services | | | 228.80 | $188,389.50 · Value: 228.8 · Context quote: FTI acted as the Court-appointed monitor of the Debtors in these proceedings (in such capacity, the 'Monitor').; Form: invoice_listing · Rows: Deryck Helkaa; Tom Powell; Longmai Yan; Tessa Chiricosta; Jennifer Ye · Money: Tax: $3.94K · Label: GST (5%) · Quote: GST (5%) | $78,829.02 $3,941.45 · Fees: $77.4K · Quote: Total Professional Services | Total Professional Services | Total Professional Services | 89.90 | $77,360.50 · Total: $82.8K · Quote: Total Due | $82,770.47 · includes tax · includes disbursements · Approximate: false · Disbursements: $1.47K · Quote: Total Expenses | Total Expenses | Total Expenses | Total Expenses | $1,468.52 · Period: End: 2026-07-12 · Kind: invoice · Quote: Current Invoice Period: Charges posted through July 12, 2026 · Approval: State: unstated · Averages: · Currency: Code: CAD · Quote: Amount CAD · Invoices: · Firm text: FTI Consulting Canada Inc. · Firm quote: I am a Senior Managing Director of FTI Consulting Canada Inc. ('FTI'). · Hours total: Quote: Total Professional Services | Total Professional Services | Total Professional Services | 89.90 | $77,360.50 · Value: 89.9 · Context quote: FTI acted as the Court-appointed monitor of the Debtors in these proceedings (in such capacity, the 'Monitor').; Form: prose · Rows: · Money: Approximate: false · Period: Kind: unstated · Approval: Quote: FTI's application for approval of the Monitor's fees and disbursements and the fees and disbursements of Fasken · State: sought · Averages: · Currency: · Invoices: · Firm text: Fasken · Firm quote: the fees, disbursements, and rates charged by Fasken · Context quote: and the fees and disbursements of Fasken incurred in connection with the CCAA Proceedings. · Comparability quote: I verily believe that the fees, disbursements, and rates charged by Fasken and reflected in Fasken's Invoices are consistent with those charged by other law firms for work of a similar nature and complexity in British Columbia.
PDF
Notice of Application (Fee Approval)PDF
Receivership Order
  • Commencement date 14 July 2026
  • Court file no S-263255
  • Presiding officer Justice P. Walker
PDF
Application Record (Receivership)
  • Secured creditors $175M · Note: Pre-Filing Report of the Monitor separately describes this debt as 'approximately $175,000,000 owed... under first-ranking security' as of the CCAA Filing Date (May 1, 2026). CEEFC subsequently also became the CCAA DIP lender in these proceedings (a distinct, post-filing capacity). · Page: 115 · As of: 2026-05-08 · Debtor: Arctic Canadian Diamond Company Ltd. (Borrower), guaranteed by Burgundy Diamonds (Canada) Limited and Burgundy Diamond Mines Ltd. · Creditor: Canada Enterprise Emergency Funding Corporation (CEEFC), as lender, and as administrative agent and Australian security trustee · Security: First-ranking security under amended and restated agreement dated March 4, 2026 (term loan facilities) - 'Existing CEEFC Debt'
PDF
Second Report of the Monitor
  • Process results 140 solicited · 3 NDAs · 0 LOIs · 0 qualified bids · 0 bids · as of 10 Jul 2026
  • Sale advisor FTI Consulting Canada Inc. (sale agent)
  • Sale outcome No acceptable bid — No LOIs were received that satisfied the criteria to be considered Qualified LOIs, and the Applicants terminated the SISP
PDF
Service List
  • Counsel Chaitons LLP
PDF
Mutual Non-Disclosure AgreementPDF
Order (Amended and Restated Initial Order)
  • Order date 11 May 2026
  • Stay expiry 26 July 2026
PDF
Order (Sales and Investment Solicitation Process)
  • Bid deadline 10 July 2026
  • Order date 11 May 2026
  • Outside date 6 November 2026
  • Phase1 deadline 10 July 2026
  • + 3 more extracted facts
PDF
Teaser Letter
  • Bid deadline 10 July 2026
  • Sale advisor FTI Consulting Canada Inc. (sale agent)
  • Sale outcome Sale process approved — sale and investment solicitation process seeking interest in all or substantially all the assets, undertakings and properties of ACDC
PDF
Affidavit #2 of Brent MierauPDF
Affidavit #2 of J. AlambrePDF
First Report of the Monitor
  • Operational summary 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.
  • Professional fees $3.8M · Note: This is a forecast figure from the Second Cash Flow Statement, not an amount for fees already incurred. · Party: Applicants' legal counsel, the Monitor, the Monitor's legal counsel, the Interim Lender's counsel and the Interim Lender's financial advisor · Period: first two months of the CCAA Proceedings
  • Report date 8 May 2026
  • Report no First Report
  • + 1 more extracted fact
PDF
Notice of ApplicationPDF
Creditor ListPDF
Notice to CreditorsPDF
Affidavit #1 of B. Mierau
  • Financial position Assets $440M USD · Liabilities $482M USD · as at 31 Dec 2025 · per book value (per Burgundy's preliminary unaudited financial report for year ended Dec 31, 2025) · Burgundy Group (consolidated, including ACDC and BDC) — Total assets = current assets (~US$141M) + non-current assets (~US$298M); total liabilities = current liabilities (~US$98M) + non-current liabilities (~US$384M). Figures as stated in affidavit, not independently summed by extractor except as document itself presents component totals.
  • Secured creditors $10M · Note: CDN $6.75 million of the ATB LCs were called on in Nov 2025 (transferred to bond provider); remainder moved to Servus Credit Union and fully cash collateralized, limiting residual credit exposure. · Page: 29 · Debtor: ACDC · Creditor: ATB Financial / Servus Credit Union · Security: Letters of credit issued to secure Point Lake Bond and certain permitting obligations to the Receiver General of Canada (Fisheries and Oceans)
PDF
Affidavit #1 of J. AlambrePDF
Initial Order
  • Applicant ARCTIC CANADIAN DIAMOND COMPANY LTD., AND BURGUNDY DIAMONDS (CANADA) LIMITED
  • Appointee FTI Consulting Canada Inc.
  • Appointee role Monitor
  • Commencement date 1 May 2026
  • + 5 more extracted facts
PDF
Petition to Court
  • Financial position Liabilities $482M USD · as at 31 Dec 2025 · per book value · Burgundy Group (consolidated - parent Burgundy Diamond Mines Ltd. and all subsidiaries, including ACDC and BDC) — Total liabilities comprised of current liabilities ~US$98 million and non-current liabilities ~US$384 million (book value); total assets not stated in the document
  • Secured creditors $184M · Note: Approximate bond value; Burgundy Diamond Mines Ltd. is indemnitor of the Primary Bond (related party guarantee) · Page: 10 · Debtor: Arctic Canadian Diamond Company Ltd. (ACDC) · Creditor: Surety Bond Providers (Primary Bond) - Zurich Insurance Company Ltd., Aviva Insurance Company of Canada, Argonaut Insurance Company · Security: Primary Bond posted with GNWT securing Reclamation Obligations
PDF
Pre-Filing Report of the Proposed Monitor
  • Secured creditors $84M · Note: Regulatory - reclamation security · Page: 5 · Debtor: ACDC · Creditor: Government of the Northwest Territories (GNWT) · Security: Amounts paid into environmental trust
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Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Arctic Canadian Diamond Company Ltd. and Burgundy Diamonds (Canada) Limited” (CCAA), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/arctic-canadian-diamond-company-ltd-and-burgundy-diamonds-canada-limited

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/arctic-canadian-diamond-company-ltd-and-burgundy-diamonds-canada-limited

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.