Yellow Media Inc.’s decision to sweeten its proposed debt restructuring by offering more to holders of convertible debentures has done little to pacify the incensed group, putting the media company in a bind just days before its plan goes to a vote, The Globe and Mail reported. On Tuesday, the media company struck a much more conciliatory tone that its language in recent weeks and offered convert holders, who own bonds that can convert to common shares, better terms as part of the restructuring.

Shareholders of troubled timber firm Sino-Forest Corp. would receive nothing under a proposed restructuring plan that would transfer remaining assets to creditors, thestar.com reported. A once-mighty company with a market capitalization of $6 billion, Sino Forest is now in tatters as its former executives face fraud accusations that include overstating assets and sales in China. Sino-Forest says it is owed $887.4 million from authorized intermediaries, who operated on its behalf in China.

The Canadian economy churned out an impressive number of new jobs over the first half of the year, but is not likely to repeat the feat in the second half, The Globe and Mail reported. The odds of the unemployment rate falling much below its current 7.2 per cent over the next five months are looking increasingly dim, as economists trim their expectations for Canada’s economic growth to below 2 per cent for the rest of 2012. Signs of the sluggish economy are expected to crop up in Statistics Canada’s employment figures for July, set to be released Friday.

Embattled timber company Sino-Forest Corp., which is in bankruptcy protection, says it is owed half a billion dollars from companies that have been deregistered in China, thestar.com reported. Sino-Forest, which filed for bankruptcy protection under the Companies’ Creditors Arrangement Act in March, said in a new release Tuesday that it intends “to take all steps necessary” to collect receivables owing to it. It added that it believes the deregistrations, which have the effect of terminating the existence of the entities, were improper under Chinese law.

Air Canada said on Thursday that Aveos, its former aircraft maintenance firm, which sought creditor protection earlier this year, has been unable to drum up bids for its engine maintenance and airframe maintenance businesses, Reuters reported. Aveos Fleet Performance Inc, once the airline's maintenance division, halted operations in March and laid off roughly 2,600 workers, most of whom were employed at maintenance centers in the cities of Montreal, Winnipeg and Vancouver.

Yellow Media Inc. proposed handing 82.5 per cent of shares in the company to bondholders and lenders in exchange for writing down $1.8 billion debt to $850 million, TheStar.com reported. Under the plan, which has the support of holders representing 23.7 per cent of senior debt, existing shareholders will get 17.5 per cent of new common shares and warrants, the Montreal-based phone directories publisher said in a statement. The company needs 66.6 per cent approval from senior lenders and bondholders to complete the swap, officials said today on a conference call with analysts and journalists.

It’s fish-in-a-barrel shooting season over at Nortel Networks Corp., with claims traders peppering ex-employees with offers to pay 70 cents, 80 cents or more for their bankruptcy claims, The Wall Street Journal reported on a Daily Bankruptcy Review story. That’s not to imply the liquidated telecommunications company’s discarded workers are easy targets. Nortel, generally speaking, hired bright people.

Massive mortgage debt is top of mind for Bank of Canada Governor Mark Carney, but in his quest to curtail Canadians’ borrowing, he might want to start thinking about the vehicles sitting in their driveways and garages, too, The Globe and Mail reported. The use of long-term loans to purchase new vehicles is skyrocketing, as car buyers look for ways to cut or hold steady a key component of a family’s spending – the monthly car payment.

Sino-Forest Corp said on Tuesday it terminated a proposed asset sale, in favor of a plan that will result in the company's creditors acquiring all of its forestry assets, Reuters reported. The Chinese forestry company's shares plummeted in June 2011 after a short-seller accused it of exaggerating the size of its forestry assets. The company's stock has since been de-listed by the Toronto Stock Exchange and one of Canada's main securities regulators - the Ontario Securities Commission, recently charged the company and some of its former executives with fraud.

Aveos's airframe division will be broken up and sold to six different buyers for C$10.8 million ($10.53 million) after a court-appointed monitor was unable to find a purchaser willing to buy the unit of the bankrupt aircraft maintenance company as a going concern, Reuters reported. Aveos Fleet Performance Inc, once Air Canada's maintenance division, halted operations in March and laid off roughly 2,600 workers, most of whom were employed at maintenance centers in Montreal, Winnipeg and Vancouver. Aveos is seeking to sell its engine, component and airframe segments independently.