Southern Ontario steelmaker Stelco is seeking court approval to move forward with its restructuring following an agreement with Bedrock Industries, CTV News reported on a Canadian Press story. Ontario Finance Minister Charles Sousa said in a statement Friday that Bedrock's proposal would mean that operations at the Hamilton and Lake Erie facilities would continue and 2,100 jobs would be preserved.

Judges in Canada and the U.S. on Thursday approved materials explaining Nortel Networks Corp.’s creditor-repayment plan, inaugurating the beginning of the end of one of the priciest bankruptcies on record, The Wall Street Journal reported. Thursday’s court hearings launched the formal process of polling creditors on the bankruptcy plans that will end Nortel’s corporate life after eight years in bankruptcy, and divide the $7.3 billion in proceeds from its global going-out-of-business sale.

After struggling to pay its debts while oil prices tumbled, Calgary’s Lightstream Resources Ltd. emerged from a “painful” restructuring with a $1.35-billion deal that will clear the way for new production in 2017, the company says, The Calgary Herald reported. Two New York-based debt holders, private equity firm Apollo Global Management and credit-focused investor GSO Capital Partners, will own Lightstream following the deal, which includes swapping their debt for equity. The transaction, expected to close Dec.

Elevated house prices and record-high debt levels are contributing to worries about Canada’s future economic growth, the head of the country’s national housing agency says, The Wall Street Journal reported. Speaking at the Bank of England on Friday, Canada Mortgage & Housing Corp. President Evan Siddall said high house prices in the cities of Vancouver and Toronto have spread to other markets. At the same time, household indebtedness has grown and the concentration of Canadians’ net worth in real estate is near historic highs.

A severe and prolonged economic depression could result in a 25% decline in Canadian house prices by 2021, Canada’s national housing agency says, The Wall Street Journal reported. The estimate was included in a report on stress testing conducted by the Canada Mortgage & Housing Corporation and released publicly on Thursday. While the agency’s base case scenario is for Canadian house prices to rise about 9.0% between 2017 and 2021, it said several extreme situations could result in price declines over the same period.

The Ontario government is planning a major intervention in Essar Steel Algoma's recovery from insolvency, the Sault Ste. Marie Economic Development Corp. learned today. News of the funding was disclosed this afternoon at a meeting of the EDC board by James Caicco, a local director of Northern Ontario Heritage Fund Corp. (NOHFC), the provincial government's crown corporation and development agency. "We're working on a major, major funding from NOHFC to help in the restructuring," Caicco said.

Canada Finance Minister Bill Morneau pledged Tuesday to spend additional billions of dollars in infrastructure for the remainder of this decade and beyond as the Liberal government presses ahead with fiscal policy to lift moribund growth, The Wall Street Journal reported. The finance minister issued the details in the government’s fall economic update. The expenditures are necessary to mitigate the fallout from a slow-growth global environment and the hit to Canadian incomes from the commodity-price swoon, he said.

American Company Bedrock Industries Group has reached a deal to buy beleaguered U.S. Steel Canada, U.S. Steel announced today, CBC.ca reported. The sale is subject to court approvals.

Performance Sports Group Ltd , the maker of Bauer ice hockey gear, said on Monday it has filed for bankruptcy protection in the United States and Canada to facilitate a restructuring and sale of almost all of its assets. The company listed assets in the range of $500 million-$1 billion and liabilities of $500 million-$1 billion in its voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware.

Renewable energy giant SunEdison Inc. has placed its Canadian arm into bankruptcy while the parent company seeks more time under court protection in the U.S. to sell off assets and work out a strategy for repaying billions of dollars in debt, The Wall Street Journal reported. The company’s Canadian division, which also designs and develops renewable energy projects, says it can no longer fund its operations. It sought protection Thursday from both creditors and lawsuits under Canada’s Companies’ Creditors Arrangement Act, or CCAA, the equivalent of chapter 11 in the U.S.