Canadian diamond miner Archangel Diamond Corporation has filed for bankruptcy, after undergoing a bankruptcy proceeding. The company also filed a plan to protect its assets using a liquidating trust for its shareholders and creditors. The trust will be funded by Firebird Global Master Fund Ltd.

Archangel Diamond Corporation is pursing legal actions against LUKoil and its Russian subsidiary, Arkhangelskgeoldobycha, over the rights to develop the Grib diamond mine project. In late-July it was reported that diamond giant De Beers was negotiating with shareholders of Archangel Diamond Corporation, after the former attempted to place Archangel Diamond Corporation in bankruptcy, thus causing it to abandon its litigation against LUKoil and Arkhangelskgeoldobycha.

Archangel Diamond Corporation is also involved in arbitration against Arkhangelskgeoldobycha in Stockholm, Sweden.