Tahera Diamond Receives CCAA Extension
February 13, 08
The Ontario Superior Court of Justice has extended Tahera Diamond Corporation’s stayed period under the Companies' Creditors Arrangement Act (CCAA) until June 30, 2008. Tahera has obtained protection from creditors for a 30-day period, to expire on Thursday.
During this time, the company will continue to pursue financing alternatives and possible corporate transactions, Tahera said.
Mining was suspended at Tahera’s Jericho Mine on February 6 to conserve cash and fuel inventory while restructuring efforts are ongoing. Processing of ore will continue for approximately two months or until stockpiles are depleted. The future operations at the Jericho mine will continue to be assessed in the context of the overall corporate restructuring.