Pride Group Holdings has sought creditor protection under the Companies’ Creditors Arrangement Act (CCAA), after lender Mitsubishi HC Capital America filed a claim this week seeking damages of approximately US$100 million, trucknews.com reported. Three lawsuits on behalf of the Mitsubishi HC Capital named Sulakhan ‘Sam’ Johal and Jasvir Johal, accuse them of taking out credit lines to build inventories for Pride Truck Sales and Tpine Leasing. It accused them of defaulting on payments they had personally guaranteed. The claims have not been proven in court.

Steelworker union Local 1005 says the recent court filings by U.S. Steel is “bankruptcy fraud” and a path to abandoning Hamilton altogether — not only ditching the liability of its pensioners, but the cleanup costs of leaving the city, too, the CBC reported. Union head Rolf Gerstenberger made the statement at Local 1005’s headquarters at Barton and Kenilworth, questioning the company’s motives, repeatedly recalling a $58-million settlement U.S. Steel was has agreed to pay for price-fixing case in July for actions dating back a decade, and calling the process of bankruptcy protection theft.

Canada’s economy made a solid start to the new year with growth in the first two months tracking well ahead of the Bank of Canada’s forecast, reinforcing expectations the central bank will once again stick to the sidelines at its coming policy meeting, the Wall Street Journal reported. The expansion in January was the strongest in a year, bolstered by a recovery with public sector strikes ending in Quebec and backed by increased activity across many segments of the economy.

The Bank of Canada (BoC) on Tuesday said businesses urgently needed to boost investment to increase productivity, saying this would help insulate the economy against the threat of inflation, Reuters reported. “I'm saying that it's an emergency — it's time to break the glass," Senior Deputy Governor Carolyn Rogers told a business audience in the Atlantic province of Nova Scotia.

The Canadian province of Ontario on Tuesday forecast its budget deficit would more than triple in the upcoming fiscal year as economic growth stalls and it spends more on housing and roads, as well as measures to ease the cost of living, Reuters reported. Ontario, Canada's most populous province and home to Toronto, its largest city, said its deficit would widen to C$9.8 billion ($7.2 billion), or 0.9% of gross domestic product, in 2024-25, from an estimated C$3 billion in the current fiscal year, which ends on March 31.