Northern News Services
The territorial government is trying to recover $1.8 million it loaned to Aurora World Corporation (AWC), a Yellowknife northern lights viewing and tourism company.
At the end of April, the company filed a notice of intent to make a proposal under the Bankruptcy and Insolvency Act.
This would protect the company from its creditors while it restructures and drafts a proposal for the creditors to consider.
Daryl Dolynny, president for AWC, said he is optimistic about the company's future.
Economic indicators for summer tours and the fall Aurora viewing season are positive, said Dolynny.
Under the filing, AWC must make a proposal to its creditors. The presentation to AWC creditors will not happen before the first few weeks in August.
Overall, the company is a little more than $3 million in debt.