Archangel Seeking to Convert Ch. 7 to Ch. 11

Archangel Diamond Corporation (ADC) has filed a notice to convert a pending chapter 7 bankruptcy proceeding to a chapter 11 bankruptcy. The notice of conversion, a chapter 11 plan and a motion to approve a loan to finance ADC was filed on Thursday after the close of business.

The chapter 11 plan describes ADC's proposal to protect its assets, including its litigation against Lukoil in Colorado state court through the operation of a liquidating trust.

Additionally, ADC is currently involved in an arbitration against Arkhangelskgeoldobycha in Stockholm, Sweden.