Media Statement: Dominion Diamond Mines Initial Order of Protection
In light of the unprecedented impact of the COVID-19 pandemic and the rapid contraction of the global diamond market, Dominion Diamond Mines, a portfolio company of the Washington Companies, announced that it is seeking insolvency protection under the Companies’ Creditors Arrangement Act (CCAA). This process will allow the company to pursue a controlled restructuring of its business and financial affairs and is a proactive step to secure a stronger future for Dominion. Dominion and Washington Companies intend to work through the CCAA process to reach a resolution in the coming months and look forward to returning to full operations as soon as possible.
The employees of Dominion Diamond Mines will continue to have the same job responsibilities and receive their compensation and benefits as usual. Furloughed employees will continue to receive the benefits they have been provided while they are not working. Both companies remain committed to safely and responsibly creating impactful jobs across Canada and enriching and benefiting the communities they serve.
There is no impact to any other company in Washington Companies’ portfolio as a result of this announcement.