Pelican International Inc, one of the world’s largest kayak manufacturers, is in the process of being bought out by former executives in partnership with real estate developer Groupe Mach, according to reporting by Quebec-based La Presse. The deal follows a two-step insolvency process: first Pelican sought insolvency protection under the Bankruptcy and Insolvency Act (BIA) in Canada in February 2025, before transitioning to court-supervised restructuring under the Companies’ Creditors Arrangement Act (CCAA) in March.

An Ontario judge has decided which law firm will represent employees in the Hudson's Bay creditor protection case, the Canadian Press reported. An endorsement filed by judge Peter Osborne on Monday named Ursel Phillips Fellows Hopkinson LLP as representative counsel to the faltering department store's more than 9,000 employees and 3,000 retirees.

A manufacturer of capsules and tablets for the pharmaceuticals industry is scouting Asia for new partners. A steel component maker, with a client base in the United States stretching back 35 years, is telling customers to expect to pay higher prices, Reuters reported. Another company, that produces mascot costumes for sporting or school events, is lowering its prices so as not to lose American customers.

The court-appointed monitor for Lion Electric says the vehicle maker is very likely to be liquidated after the Quebec government refused to invest more public funds in the company, the Canadian Press reported. Jean-François Nadon, a representative of Deloitte, said in a court hearing this morning that government aid would have been a condition of any sale of the struggling company. Nadon says that Deloitte sought offers over the weekend from companies interested in liquidating Lion Electric, and is hoping to finalize a transaction by next Monday.

Beleaguered retailer Hudson’s Bay has attracted a bid from Canadian Tire, two sources familiar with the sales process say, the Canadian Press reported. The sources say that the household goods chain has made a bid for some of the faltering department store’s intellectual property. Anyone interested in owning Hudson’s Bay assets had until 5 p.m. on Wednesday to make a formal bid as part of the retailer’s creditor protection court case. Toronto investment manager Urbana Corp. has made a bid for the company’s intellectual property, while billionaire B.C.

Canadian manufacturing activity contracted in April at the steepest rate since shortly after the start of the COVID-19 pandemic as the uncertain nature of U.S. trade policy weighed on production and new orders, Reuters reported. The S&P Global Canada Manufacturing Purchasing Managers' Index (PMI) fell to 45.3 last month from 46.3 in March, its lowest level since May 2020. A reading below 50 indicates contraction in the sector.

Canadian electric bus and truck maker Lion Electric Co. is unlikely to survive as the Quebec government turned down an opportunity to put money into the firm along with local investors, Bloomberg News reported. “We believed in Lion’s potential, but the recovery plan submitted did not justify the re-injection of significant government sums,” provincial Economy Minister Christine Frechette said in a post on X.

The end may very well be near for Li-Cycle Holdings Corp. and its stalled Rochester Hub, the Rochester Business Journal reported. The Toronto-based lithium-ion battery resource recovery firm announced this morning that the business and all assets are for sale, as a whole or any part, and bankruptcy may be necessary if a buyer isn’t found. “Li-Cycle requires additional financing to meet its obligations and repay its liabilities arising from the ordinary course of business operations when they become due in order to continue,” the company statement says.

Vancouver-based real estate developer Landmark Premiere Properties is the subject of a second insolvency proceeding that was initiated earlier this month, according to filings in the Supreme Court of British Columbia obtained by STOREYS.com. The subject properties are 745 W 41st Avenue, 715 W 41st Avenue, and 5693 Heather Street in Vancouver. The parcels are three of the five parcels that make up the block between Baillie Street and Heather Street along W 41st Avenue, right across the street from Oakridge Park.

A 46-year-old Canadian trucking company has been put into receivership at the request of Royal Bank of Canada (RBC), which said the carrier owes it $6.7 million, FreightWaves.com reported. Kingsley Trucking ceased operations on Thursday, the same day that the British Columbia Supreme Court placed the carrier into receivership due to the company’s being “unable to secure a transaction, financing, or other arrangement to address the defaults or repay the Indebtedness owing to the Bank,” according to court filings. The Vancouver Island-based trucking company was founded in 1979.