Canada's largest airline Air Canada warned on Thursday that its first-quarter results would be hurt by a C$120 million charge related to the creditor protection filing of its former maintenance unit Aveos, Reuters reported. The airline, struggling for months amid wildcat strikes and a series of feuds with its unions, said it expects to report quarterly earnings before interest, taxes, depreciation, amortization and aircraft rent of between C$170 million and C$180 million.

Canadian Finance Minister Jim Flaherty said he will revamp oversight of the country's dominant mortgage insurer, Canada Mortgage and Housing Corp., by handing over day-to-day supervision of its commercial activities to Canada's bank regulator, Dow Jones reported. Under changes outlined in legislation introduced Thursday, the federal finance minister will also obtain legislative and regulatory authority over CMHC's securitization program and any new commercial programs the housing agency wishes to launch.

BlackBerry maker Research In Motion has hired law firm Milbank, Tweed, Hadley & McCloy LLP to work out a restructuring plan that could include selling assets, seeking joint ventures or licensing patents, people briefed on the matter said, Reuters reported. As part of the struggling Canadian smartphone maker's strategic review, the RIM board is discussing ways to boost revenue from its new BlackBerry 10 operating system and possibly opening up its proprietary network, the sources said.

Canada will pledge funds to the International Monetary Fund in the event countries outside the euro zone require a bailout, but it is of the view Europe has adequate resources to deal with its debt crisis, Finance Minister Jim Flaherty said Friday, Dow Jones reported. He said Europe should "step up to the plate" and "overwhelm" the issue with its own resources. Canada and the U.S. have declined to commit resources to the IMF "at this time," as the Fund has adequate resources to deal with any imminent requirements.

Three Sino-Forest Corp. executives were fired by the insolvent Chinese timber firm and the company’s co-founder and chief financial officer both resigned, in a prelude to formal allegations expected to be laid by the Ontario Securities Commission, The Globe and Mail reported. Allen Chan, the Hong Kong national who co-founded Sino-Forest two decades ago and helped build what was once the largest forestry company on the TSX, resigned as “founding chairman emeritus” and an employee, the company said in a statement. Mr.

Insolvent Nortel Networks Corp. has been granted a stay of proceedings until July under court surpervised creditor protection to allow the company to continue with its restructuring activities. The now defunct company said Friday that the Ontario Superior Court of Justice has granted Nortel and its subsidiaries an extension under the Companies' Creditors Arrangement Act until July 31, CanadianBusiness.com reported on a Canadian Press story. Nortel's court protection has been extended several times.

Sino-Forest Corp has asked a Canadian court to extend creditor protection granted to the Chinese forestry company last month until July 9, saying it would create certainty for potential buyers considering a bid for its assets, Reuters reported. The Ontario Superior Court's current order of protection under Canada's Companies' Creditors Arrangement Act expires April 29. The company, accused of fraudulently exaggerating its assets, said the allegations had paralyzed its business. Sino-Forest's Toronto-listed shares tanked last June after a short-seller made allegations against it.

Lawyers handling a $9 billion class-action lawsuit against Sino-Forest Corp. will ask an Ontario judge on Friday to terminate bankruptcy proceedings involving the troubled timber company, the Toronto Star reported. When Sino-Forest, which is based in Mississauga but operates in China, sought protection from creditors under the Companies’ Creditors Arrangement Act last month, any pending legal actions were essentially put on hold.

Sino-Forest, the Chinese forestry company whose stock collapsed after a short-seller's fraud accusations, said on Monday that Canada's top securities regulator found that its conduct ran afoul of sections of securities law pertaining to fraud, Reuters reported. The Ontario Securities Commission made its findings known to Sino-Forest by serving the Toronto-listed company and some of its current and former executives with enforcement notices, the company said in a statement on Monday.

A group of Catalyst Paper Corp.'s first-lien noteholders will serve as stalking-horse bidder with a $275 million bid for the British Columbia specialty paper and newsprint producer if the company's reorganization efforts fail, The Deal reported. According to an April 1 monitor's report, CP Acquisition LLC, an entity controlled by the company's first-lien noteholders, is the debtor's stalking-horse bidder. Invesco Canada Ltd. owns the majority of the secured notes.