Canadian junior oil and gas producer Terra Energy Corp said it shut down production, ceased operations and announced the resignation of directors and officers on Monday, after its lender, Canadian Western Bank, demanded full repayment of its debt, Reuters reported. Terra, which was producing around 3,600 barrels of oil equivalent per day from its operations in western Alberta and north-eastern British Columbia, said that at current low oil prices the cost of operating was more than its revenue.

Valeant Pharmaceuticals cut its 2016 revenue forecast by about 12 per cent on Tuesday and said a delay in filing its annual report could pose a debt default risk, causing its shares to plunge, the Irish Times reported. The Canadian drugmaker, the target of US investigations into its business and accounting practices, reiterated that it would put off filing its annual report with US regulators but for the first time raised the spectre of a default.

Ontario Superior Court Justice Herman Wilton-Siegel has handed down a long-awaited ruling in the bankruptcy proceedings surrounding U.S. Steel Canada, Canadian Manufacturing reported. The court battle centred on more than $2 billion in loans paid by Pittsburgh-based U.S. Steel to its then subsidiary USS Canada following the Stelco acquisition in 2007. The government of Ontario and the United Steelworkers union have maintained the funds were extended to USS’s Canadian operation as “equity” rather than debt, while USS has said it expected the funds to be repaid.

Goodwill Industries of Toronto, Eastern, Central and Northern Ontario says it's seeking bankruptcy protection as it tries to restructure, CTV News reported on a Canadian Press story. CEO Keiko Nakamura said Monday in a statement the Goodwill has filed an assignment under Canada's Bankruptcy and Insolvency Act. The statement says the purpose of the filing is to preserve Goodwill's assets for its principal creditors, who are collectively the former employees of the corporation.

Junior oilsands developer Laricina Energy has been granted a final court order from the Court of Queen’s Bench of Alberta, exiting from protection under the Companies’ Creditors Arrangement Act (Canada), Oilweek reported. The company has paid in full all accounts in respect of its CCAA proceedings and has set aside a reserve of $1.8 million to pay the remaining unpaid proven claims and outstanding disputed claim. Resolution of the disputed claim will continue on a timetable set by the parties or the court.

I refer, of course, to the 2007 takeover of Stelco, just one of a spree of foreign takeovers that substantially contributed to a diminishment of Ontario’s profile on the world economic stage, the Toronto Star reported. (Think Falconbridge, Inco, Rio Algom.) At the height of the foreign takeover mania, the federal government of the day offered repeated assurances that the Investment Canada Act provided all the protections necessary to ensure such transactions would be of “net benefit” to Canada. In remaking Stelco into U.S.

A Calgary-based oilfield services company with 112 employees at six locations as of the end of 2014 has been placed in receivership, an apparent victim of the current drilling downturn prompted by low oil and gas prices, The Calgary Herald reported. Great Prairie Energy Services Inc. announced late Friday that Grant Thornton Ltd. had been appointed receiver by the Court of Queen’s Bench and that all of its directors and officers had resigned.

Policy makers at the Bank of Canada were leaning toward another rate cut when they began their deliberations ahead of Wednesday’s rate announcement, but ultimately decided to stand pat, Governor Stephen Poloz said, The Wall Street Journal reported. The central bank held the key rate at 0.5% after considering expectations for future government stimulus spending and the risks associated with the recent plunge in the value of the Canadian dollar, Mr. Poloz said.

Canadian policy makers are heading into a tough week as pressure mounts on them to revive an economy that has been among the hardest hit by the commodity rout, The Wall Street Journal reported. Prime Minister Justin Trudeau and his cabinet colleagues will convene in a seaside resort town on Canada’s east coast Monday amid more evidence growth may have stalled again after sputtering to life in last year’s third quarter. A recent string of dismal economic news—and a free-falling Canadian dollar—has led to calls for Mr.

Parties seeking a chunk of the $7 billion raised from the liquidation of former telecommunications giant Nortel Networks started talks on Thursday aimed at ending one of the most complex and costly legal disputes in history, Reuters reported. The money has been sitting in a New York bank account since Nortel Networks global businesses were sold piecemeal after the Ontario-based company filed for bankruptcy exactly seven years ago.