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UPDATE 1-Tahera Diamond says may cease ops on cash constraints

Mon Dec 1, 2008 12:55pm EST

Dec 1 (Reuters) - Tahera Diamond TAH.TO, which has been operating under bankruptcy protection since January, warned that it may have to cease operations by the year-end if it failed to secure more funds.

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Tahera Diamond estimates that its cash reserve may last up to Dec. 22.

The company, however, said it received an extension to the stay period under the Companies' Creditors Arrangement Act (CCAA) to Dec. 12. The court approved extension was previously set to expire on Nov. 28.

The insolvent Canadian diamond miner halted its money-losing Jericho diamond mine in February and said in March it was looking for a buyer.

The company said it currently has no sponsor for a plan of arrangement, following the ongoing CCAA proceedings, and has been unable to find a purchaser for its assets or alternative funding for its operations.

"It is anticipated that there will be no value for holders of Tahera's common shares," the company said in a statement. (Reporting by Adveith Nair in Bangalore; Editing by Anil D'Silva)

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