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Tahera Diamond files for protection from creditors

Wed Jan 16, 2008 8:45am EST

OTTAWA, Jan 16 (Reuters) Tahera Diamond Corp TAH.TO said on Wednesday that it is seeking creditor protection because it cannot meet current obligations with its cash flow and cash on hand after a plan to cover debt to equity fell through.

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Tahera, whose main asset is the money-losing Jericho diamond mine in the Canadian territory of Nunavut, said there was insufficient interest in an equity offering and it had no other viable strategic alternatives.

The application for protection from creditors is subject to approval from the Ontario Superior Court of Justice. (Reporting by Susan Taylor; Editing by Bernadette Baum)

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