EarthFirst Canada, the company responsible for the Dokie 1 Wind Project near Hudson’s Hope, has announced today it has obtained creditor protection.
The company cites struggling global markets as the reason for their financial woes, saying the current crisis has rendered Earthfirst unable to find financial backers or to complete a sale of the company.
EarthFirst sought the protection after it determined it did not have the funds to meet its current obligations, which include the construction of the Dokie 1 Wind Energy Project just 40 kilometres from Hudson’s Hope, a 144MW project which was due to be completed in late 2009.
The company has been granted a 30-day stay from their financial obligations, but must present a Plan of Arrangement to the courts before the stay ends on December 4th. If this plan is not approved by stakeholders, the company may be placed into receivership or bankruptcy.
For now, the company will continue its operations under a court-appointed monitor. In the long run, however, EarthFirst says it’s exploring several options, including a sale of the company.