In its quest to pull itself out of a financial crisis, Ballet British Columbia is formally seeking protection from its creditors.

The group announced it has filed a Notice of Intention to File a Proposal under the Bankruptcy and Insolvency Act.

What this means is the company has 30 days to come up with a proposal for restructuring payments back to its creditors. (A court can extend the 30 day period if necessary.) At that point, proven creditors vote on the proposal. The proposal can be amended, but if it is defeated, the company could then have to declare bankruptcy.

"Filing the NOI [Notice of Intention] was a necessary business decision toward ensuring the survival of Ballet B.C. The NOI will give the company some breathing room and time to reorganize its current financial situation," Ballet B.C. chair and president Graeme Barrit said in a press statement. "There simply is no rationale to continue to operations in the current setup. If our plans for restructuing are successful, we have no doubt that Ballet B.C. will emerge a stronger organization."

The announcement comes exactly a week after news the company had laid off all 38 staff and dancers due to flagging ticket sales.

There will be more on this story in the print edition of the Georgia Straight, which will be distributed across Metro Vancouver on Thursday (December 4).