Canada

Laurentian University is working through its insolvency process, preparing a way to deal with claims against it, including ones before it declared bankruptcy and after, CTVNews.com reported. In its fourth report, the accounting firm Ernst & Young outlined a process for handling financial claims from such parties as the banks, smaller creditors, its unions and former staff. The firm, which is the monitor for the process under the Companies' Creditor Arrangement Act, is seeking court approval of its proposals. With a few exceptions, there would be a deadline of July 30 to make a claim.

Argentine power-plant owner Stoneway Capital Ltd. is discussing borrowing money from the senior bondholders challenging the company’s U.S. bankruptcy filing and pushing to relocate the restructuring to Canada, WSJ Pro Bankruptcy reported. Stoneway, seeking to finance its stay in bankruptcy, is discussing potential loan terms with senior bondholders and junior creditors, as well as potential outside lenders, the company’s lead lawyer, Fred Sosnick, said at a virtual hearing on Friday in the U.S. Bankruptcy Court in New York. The bondholders, including BlackRock Inc.

Alberta, the province that produces most of Canada’s oil, expects to lift almost all Covid-19 restrictions by July as vaccinations pick up and infections decline, Bloomberg News reported. Outdoor dining will be permitted in restaurants starting next week and hair salons will be allowed to book appointments, Premier Jason Kenney said in a press conference. By the middle of June, gyms will be allowed to reopen and restaurants will be able to serve people indoors. Two weeks after 70% of the population receives a first dose of vaccine, almost all restrictions will be lifted.

Canada's biggest pension managers boosted their investments in the country's major oil sands companies in the first quarter of 2021, raising questions about the funds' recent commitments to greening their portfolios, Reuters reported. The cumulative investment by the country's top five pension funds into the U.S.-listed shares of Canada's top four oil sands producers jumped to $2.4 billion in the first quarter of 2021, up 147% from a year ago, a Reuters analysis of U.S. 13-F filings show.

Bankruptcies in Alberta dropped dramatically during the first 12 months of the COVID-19 pandemic, but this spring’s recent uptick in insolvencies could be a sign of things to come, the Calgary Herald reported. Across Canada, business and consumer bankruptcies both dropped to record lows during COVID-19, with Alberta being no exception. Despite the province being hit by the double whammy of a pandemic-induced recession and slumping oil and gas prices, consumer insolvency filings in Alberta were 27 per cent lower in the 12-month period ending March 2021 than they were the year before.

Canadian consumer insolvencies surged by nearly 23 per cent month-over-month in March, according to data released by the Office of Superintendent of Bankruptcy (OSB) yesterday, BNN Bloomberg reported. That increase marked the largest one-month jump in new filing activity in more than a decade as some consumers simply hit a wall when it came to staving off a bankruptcy. Several factors led to the month-over-month increase, including consumers running out of income supports, the return-to-work trend, resumption of wage garnishments, and the courts gradually returning to more normal activities.

Bridging Finance Inc. received a $126-million emergency cash infusion last year that gave new institutional backers better rights and more seniority than existing retail investors – but decided not to ask existing investors if they approved, according to documents reviewed by The Globe and Mail. Detailed terms of the emergency money also were not disclosed upfront to existing investors, despite the potential impact on their standing with other creditors should Bridging get into financial trouble. Some details were later outlined in Bridging’s audited year-end financial statements.

A day before Michigan's deadline to close down a key crude oil pipeline, Canada on Tuesday issued its strongest remarks so far about the move, warning that it could undermine relations with the United States, its closest ally and trading partner, Reuters reported. Canadian company Enbridge Inc. is preparing for a legal battle with Michigan and courting protests from environmental groups, betting it can ignore the state's Wednesday deadline to shut down Line 5, which runs under the Straits of Mackinac. The Canadian government, intervening in the case to back Enbridge, said in a U.S.

Canadian pension fund Alberta Investment Management Corp (AIMCo) has begun a strategic review of Spanish renewable energy firm Eolia, which could lead to a possible sale, two sources familiar with the matter told Reuters. AIMCo has hired advisers to decide on strategic options for the business that operates around 860 megawatts (MW) of renewable energy generation capacity in Spain.

An Ontario court has placed Canadian lender Bridging Finance Inc. in receivership and the provincial securities regulator ordered that all trading cease in securities in its funds for 15 days, Reuters reported. The actions followed an investigation by the Ontario Securities Commission (OSC) that found the Toronto-based company and Chief Executive David Sharpe mismanaged and misappropriated investment funds. The OSC also suspended Sharpe’s registration as the company’s Ultimate Designated Person, responsible for its conduct and supervision, according to a statement issued late on Friday.