Canada

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‘Dr. Debt’ Warns Canadians to Get Financial Houses in Order

Scott Hannah says low borrowing costs and rising home prices have lured Canadians into a debt trap they may not escape if looming economic threats materialize, Bloomberg News reported. Hannah, president of the Credit Counselling Society, is seeing an inf ...

Daily Headline - global.abi.org - 04/12/2018 - 21:04 - 0 comments

Banro Debt-for-Equity Restructuring Approved by Court

An Ontario court has approved a restructuring plan for beleaguered junior Canadian gold company Banro Corp., paving the way for it to emerge from creditor protection, The Globe and Mail reported. Under the terms approved by the Ontario Superior Court ...

Daily Headline - global.abi.org - 03/29/2018 - 00:35 - 0 comments

Discovery Air in $149 Million Debt, Granted Protection from Creditors

Discovery Air has been granted creditor protection under the federal Companies' Creditors Arrangement Act, which means the company can stay in business and avoid bankruptcy. Protection is granted to companies with more than $5 million in debt, so th ...

Daily Headline - global.abi.org - 03/27/2018 - 22:40 - 0 comments

Universal Appeal: Pershing Square’s Recent Battle with ADP and its Implications for the Use of Universal Proxy Cards in Canada

In November 2017, Bill Ackman and his hedge fund Pershing Square Capital Management, L.P. (“Pershing Square”) lost a high-profile proxy battle against ADP, LLC (“ADP”). After disclosing Pershing Square had acquired an 8% interest in ADP, Ackman launched ...

Resource Article - twallace@abiwor... - 02/12/2018 - 12:14 - 0 comments - 0 attachments

Sears Canada Creditors Zero In On Lampert Payments

Sears Canada Inc. creditors are targeting Eddie Lampert, its former controlling shareholder and the chief executive of its U.S. namesake Sears Holdings Corp., over payments he received before the Canadian business collapsed last year. A group of unhappy ...

Daily Headline - global.abi.org - 02/11/2018 - 23:29 - 0 comments

Carillion’s Canada Business Taken Over by Fairfax

Most of Carillion’s Canadian business, including facilities management at airports, hospitals and defence sites, is to be taken over by the insurer Fairfax Financial Holdings for an undisclosed amount, the Financial Times reported. More than 4,500 of ...

Daily Headline - global.abi.org - 02/05/2018 - 22:29 - 0 comments

Carillion Canada, Major Road Maintenance Contractor, Files for Creditor Protection

Carillion Canada has been granted protection from creditors by the Ontario Superior Court under the Companies’ Creditors Arrangement Act, Globalnews.ca reported. The Canadian branch of insolvent British construction giant and state contractor Carillion P ...

Daily Headline - global.abi.org - 01/25/2018 - 23:49 - 0 comments

Westinghouse Reaches Deal to Resolve Bankruptcy

Westinghouse Electric Co LLC, Toshiba Corp's nuclear services business, has made an agreement with its creditors that will clear the company's path out of bankruptcy, according to three people familiar with the matter. The deal will divvy up ca ...

Daily Headline - global.abi.org - 01/17/2018 - 23:56 - 0 comments

Mortgage Bond Market May Get a Boost From New Canadian Rules

The Canadian government is increasingly reluctant to insure mortgages against default, Bloomberg News reported. That may end up giving new life to a nascent bond market in the nation. For decades, most home loans made in Canada were made by the biggest b ...

Daily Headline - global.abi.org - 01/04/2018 - 22:25 - 0 comments

Tocardo Falls Into Receivership After Failed Buyout by Tribute

Dutch tidal turbines developer Tocardo International BV has filed for insolvency the same day it became official that Canada’s Tribute Resources Inc will not buy out the company, Renewables Now reported. Tocardo has secured a deferral of payment to credi ...

Daily Headline - global.abi.org - 01/04/2018 - 00:12 - 0 comments

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