The Canadian subsidiary of embattled for-profit education company Corinthian Colleges Inc. has filed for bankruptcy under Canada’s insolvency law after an Ontario education regulator took action against the company’s 14 Canadian campuses, The Wall Street Journal reported. Everest Colleges Canada Inc. filed for an assignment under the Bankruptcy Insolvency Act on Friday, which is Canada’s bankruptcy law. Duff Phelps Canada Restructuring Inc. will administer the case as trustee, according to an announcement.

Cash-strapped private oilsands producer Laricina Energy Ltd. is shutting down its Germain commercial demonstration project and will halt planning on its joint-venture Saleski project as its fruitless search for investment dollars enters its fourth month, the Calgary Herald reported. “This action reflects the company’s continuing efforts to implement cost controls towards maintaining its financial position to protect the long-term value of its assets in this difficult commodity and capital markets environment,” Laricina said in a news release on its website Monday.

Struggling telecom startup Mobilicity has filed an application to participate in the upcoming federal spectrum auction, but the company’s precarious financial condition could preclude it from facing off with rival Wind Mobile Corp. for the coveted licences, the Financial Post reported. Mobilicity, which has been operating under court-supervised creditor protection since September 2013, submitted a refundable deposit after scrambling to obtain $65-million in debtor-in-possession (DIP) financing days before Industry Canada’s Jan.

Target Canada has reached an agreement with its landlords on the sale of leases for the closing of Target retail stores, CBC.ca reported. Documents filed with an Ontario court say both sides have agreed to a court-appointed monitor to supervise the sale, which shifts control away from Target Canada. The retailer has also set May 15 as the deadline for wrapping up the sale of the leases, with an final date set for June 30. If a lease isn't sold by the June deadline, then the rights will be returned to the landlord, according to the documents.

Palliser Oil & Gas is seeking creditor protection under the CCAA act, it said yesterday, as the junior oil and gas company failed to repay its oustanding debts. The company, in a statement released after market close Monday, said its board has determined that it is in the best interests of shareholders to file for creditor protection on February 12 under the Companies' Creditors Arrangement Act (CCCAA). The decision comes after Palliser received a notice from lender National Bank of Canada that the company's $40 million in debt must be repaid in full by February 6.

Valeant Pharmaceuticals International Inc will scoop up bankrupt cancer vaccine maker Dendreon Corp, after no additional qualified bids came forward by Tuesday's deadline, Valeant said. A potential buyer dropped from the bidding process, three sources close to the sale told Reuters earlier. Valeant, of Laval, Quebec, will get Seattle-based Dendreon's Provenge cancer treatment and other assets for $400 million in cash. Dendreon and Valeant will seek court approval of the sale on Feb. 20, Valeant said. It expects to close the deal by the end of this month.

With their store leases up for grabs, major Target Canada landlords are suggesting the insolvent discounter be pushed into all-out bankruptcy as a way to remove the retailer from controlling the lease sales and other wind-down proceedings, The Globe and Mail reported. The landlords’ Target leases could fetch $1.8-billion to $2-billion, according to one analyst. But under the current court-monitored insolvency process, the auctioning of their leases is essentially being run by the departing retailer.

With their store leases up for grabs, major Target Canada landlords are suggesting the insolvent discounter be pushed into all-out bankruptcy as a way to remove the retailer from controlling the lease sales and other wind-down proceedings, The Globe and Mail reported. The landlords’ Target leases could fetch $1.8-billion to $2-billion, according to one analyst. But under the current court-monitored insolvency process, the auctioning of their leases is essentially being run by the departing retailer.

An onerous transportation contract entered by Cliffs Natural Resources' Bloom Lake iron ore operation in Canada will be renegotiated under Bloom's creditor protection filing, Cliffs' chief executive said on Tuesday. Lourenco Goncalves said the contract with the Quebec North Shore and Labrador Railway that has Bloom Lake on the hook for $450 million has been stayed by a Quebec judge as part of Bloom Lake's filing last week in Canada. "It will be negotiated. When a contract is stayed it means it is no longer valid," Goncalves said in an interview.

Canadian miner SouthGobi Resources Ltd. said it could be forced into insolvency if a Mongolian court’s ruling that it evaded taxes isn’t reversed, the Financial Post reported. SouthGobi and three former employees were found guilty of the charge on Friday, ending a three-year investigation that’s been scrutinized for its impact on foreign investment and the nation’s treatment of overseas nationals. U.S.