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Steelworkers Lose Bid to Appeal Two Decisions in Essar Algoma Insolvency Case

An Ontario appeal court has rejected an attempt by United Steelworkers Local 2724 to overturn two orders made by Justice Frank Newbould in the Essar Steel Algoma restructuring proceedings, Sootoday.com reported. Local 2724, representing Essar Algoma' ...

Daily Headline - global.abi.org - 04/23/2017 - 19:01 - 0 comments

PACICC to Participate in Federal Government’s Review of Insolvency Legislation Next Year

The Property and Casualty Insurance Compensation Corporation (PACICC) will participate in the federal government’s review of financial sector regulations next year, including the examination of an act that has not “really been reviewed” in more than a ce ...

Daily Headline - global.abi.org - 04/18/2017 - 22:19 - 0 comments

Oil Servicers Still Struggle as Canadian Producers Ramp Up

The worst may not be over for everyone in Canada’s oil patch even as crude prices show signs of stability, Bloomberg News reported. While producers are on firmer footing, oilfield service companies are still keeping restructuring advisers and lawyers bus ...

Daily Headline - global.abi.org - 04/17/2017 - 21:25 - 0 comments

Bankruptcy Proposal for La Have Company Extended

The Nova Scotia Supreme Court has granted a La Havre company an extension for filing its proposal for bankruptcy — with conditions. Kocken Energy Systems Inc. was given the full 45 days to file its proposal, the maximum allowed under the Bankruptcy and I ...

Daily Headline - global.abi.org - 03/28/2017 - 21:47 - 0 comments

Canada's Lexin Oil Firm In Receivership After Licenses Suspended

A Canadian court has placed the privately held Lexin Resources Ltd oil company in receivership to sell off its assets after an unprecedented application by the Alberta Energy Regulator (AER), the agency said on Tuesday, Reuters reported. The AER's s ...

Daily Headline - global.abi.org - 03/22/2017 - 08:49 - 0 comments

Canadian Banks Push Back Against Taking on More Mortgage Risk

Canada’s financial industry is urging the federal government to consider alternatives to proposals that could require them to take on a greater share of mortgage defaults through a deductible -- calling it one of the biggest shakeups to hit housing finan ...

Daily Headline - global.abi.org - 02/28/2017 - 23:24 - 0 comments

Essar Looking for Competitive Boost

Rolling back wages 10 per cent is one of five priorities to ensure Essar Steel Algoma is competitive after its restructuring ends, the company's president and chief executive officer says. The steelmaker, under Companies' Creditors Arrangement ...

Daily Headline - global.abi.org - 02/27/2017 - 22:03 - 0 comments

'We've Got to Fight': Wabush Mine Pensioners Hope Courts Will Restore Benefits

Three years after the shutdown of Wabush Mines by Cliffs Natural Resources, former workers and retirees are looking to a Quebec court to help them recover some of what they lost, CBC News reported. "We're all in this together now," said Ri ...

Daily Headline - global.abi.org - 02/23/2017 - 22:51 - 0 comments

Cameco ‘Surprised’ After Tepco Cancels $1.3-Billion Uranium-Supply Contract

The CEO of Cameco Corp. says the decision by a Japanese utility to terminate a uranium-supply contract worth about $1.3-billion in revenue from now through 2028 came “out of the blue.” Tim Gitzel said Tokyo Electric Power Co. sent a notice on Jan. 24 say ...

Daily Headline - global.abi.org - 02/01/2017 - 23:17 - 0 comments

Nortel Networks Wins Approval to Distribute $7.3 Billion to Creditors

Nortel Networks Corp. won approval to start distributing $7.3 billion to creditors, a major step in the long-running demise of the telecommunications company, The Wall Street Journal reported. Judges in Canada and the U.S. on Tuesday cleared Nortel t ...

Daily Headline - global.abi.org - 01/24/2017 - 22:44 - 0 comments

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