Court orders Tahera Diamond to put $2 million in trust to pay suppliers' claims
- Court orders Tahera Diamond to put $2 million in trust to pay suppliers'
Published Friday July 18th, 2008
TORONTO - Tahera Diamond Corp. (TSX:TAH), was ordered Friday to set aside
$2 million in a trust to pay for goods and services supplied to the
insolvent mining company before Jan. 16, when the insolvent company
received court protection from its creditors.
The Toronto-based company filed for bankruptcy protection after
experiencing operational problems and mounting costs of supplying its
Jericho mine in Nunavut, in Canada's Far North.
The Ontario Superior Court of Justice issued an order Friday for $2
million to be put in a trust account for lien claimants under the Miners
Lien Act in effect in the Northwest Territories and Nunavut.