Asia-focused miner Besra would file for bankruptcy under Canadian law after considering all available alternatives to “decisively” deal with its cost and debt structure and to narrow its strategic focus in an effective and timely manner, Mining Weekly reported. The company on Monday stated that the proceedings would also facilitate a restructuring of its unsecured notes using a straightforward process otherwise unavailable to management.

The bid to open the secret agreement between the federal government and United States Steel Corp. that ended a prosecution against the steel maker has been given new life. The Ontario Court of Appeal has granted stakeholders in the U.S Steel Canada Inc. creditor-protection hearing the right to appeal a ruling by the Ontario Superior Court that sealed the agreement. The 2011 agreement ended the federal government’s prosecution of U.S. Steel under the Investment Canada Act, which came after the Pittsburgh-based steel maker broke promises it made to Ottawa when it purchased then-Stelco Inc.

Despite a severe economic downturn in a region whose growth once seemed limitless, many energy companies have too much invested in the oil sands to slow down or turn off the taps, the International New York Times reported. In addition to the continued operation of existing plants, construction persists on projects that began before the price fell, largely because billions of dollars have already been spent on them. Oil sands projects are based on 40-year investment time frames, so their owners are being forced to wait out slumps.

The 100-year-old steel maker once known as Stelco Inc. may become independent again after United States Steel Corp. gave up on trying to restructure the company it purchased in 2007, The Globe and Mail reported. U.S. Steel Canada Inc., possessing the youngest integrated steel mill in North America and an idle steel-making mill in Hamilton, would proceed on its own or be sold after U.S. Steel and its stakeholders failed to reach a deal on the future of the Canadian unit within its troubled Pittsburgh-based parent company. U.S.

The number of consumer insolvencies in Alberta jumped almost 30 per cent in July from year-ago levels, reports the Office of the Superintendent of Bankruptcy Canada, The Calgary Herald reported. Statistics released Wednesday reveal 824 insolvency filings, a 28.3 per cent increase from July 2014. The number of bankruptcies rose 19.3 per cent to 353. Bankruptcy proposals, where an offer to creditors is made to settle debts, soared 36.1 per cent, to 471.

Canada’s Liberal Party, which has positioned itself with a legitimate shot to win the country’s Oct. 19 election, unveiled Saturday its fiscal and economic platform in an effort to counter claims from rivals that its campaign promises pose a danger to the federal budget, The Wall Street Journal reported. Among the three main political parties, the Liberals have made the biggest gains in public-opinion polls since the start of the election campaign in early August—and the economy has been a prominent focus.

Salaried employees and retirees of U.S. Steel Canada Inc. want the Ontario Superior Court to order the steel maker’s parent to halt any moves to shift steel production out of Canada until after a mediation session, The Globe and Mail reported. A plan by United States Steel Corp. to shift production of high value-added steel from Hamilton and Nanticoke, Ont., to U.S. mills has brought a year-long battle between the Pittsburgh-based giant and its stakeholders to a head.

U.S. Steel Canada Inc. will seek a court order to continue restructuring under court protection beyond this year, the company said Thursday, the Financial Post reported on a Canadian Press story. The former Stelco Inc., purchased by U.S. Steel in 2007, has been operating under Companies’ Creditors Arrangement Act protection since September 2014, and it was most recently extended until Dec. 11, 2015.

Household debt in Canada hit a record high in the second quarter, as borrowing accelerated at a quicker pace than after-tax income growth, the Wall Street Journal reported today. The bulk of the new borrowing was for mortgages as consumers took advantage of a surprise rate cut by the Bank of Canada in January, the first of two cuts this year aimed at boosting an economy bruised by a commodity-price rout.

Pascan Aviation (P6, Québec) has filed for creditor protection under Canada's Companies' Creditors Arrangement Act (CCAA). Similar to a US Chapter 11 bankruptcy filing, the move will allow the distressed carrier to continue operating while restructuring its business, ch-aviation reported. A Superior Court of Quebec docket indicates Pascan's creditors - Business Development Bank of Canada and Investissement Quebec - are providing a total of USD1 million to support the Pascan Companies' recovery plan.