ARCHIVED  January 28, 2000

Diamond Co. digs into Chapter 11 bankruptcy

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End-game complications in McKenzie Bay International’s bid to purchase Kelsey Lake diamond mine has forced the mine’s operating entity, Diamond Co. NL of Fort Collins, to file for Chapter 11 bankruptcy.

The bankruptcy motion on Jan. 19, agreed upon by both buyer and seller, was a necessary detour made in response to Diamond Co. creditors opposing the sale, reported Gary Westerholm, manager of U.S. operations for McKenzie Bay.

“Its not a big deal,” he said. “We had a couple of creditors causing problems on the takeover, and we went Chapter 11 to get by those people. It’s something to facilitate the close.…

Christopher Wood
Christopher Wood is editor and publisher of BizWest, a regional business journal covering Boulder, Broomfield, Larimer and Weld counties. Wood co-founded the Northern Colorado Business Report in 1995 and served as publisher of the Boulder County Business Report until the two publications were merged to form BizWest in 2014. From 1990 to 1995, Wood served as reporter and managing editor of the Denver Business Journal. He is a Marine Corps veteran and a graduate of the University of Colorado Boulder. He has won numerous awards from the Colorado Press Association, Society of Professional Journalists and the Alliance of Area Business Publishers.
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