An ocean of red ink has sunk a company that owns several wineries, vineyards and orchards in the south Okanagan, Global Saskatoon reported. The Lang, Soaring Eagle and Stonehill Estate wineries in Naramata, all owned by Holman Lang Vineyards, are now in receivership and are for sale. The company expanded rapidly during the wine industry boom from 2000 to 2007 and was struggling under a crushing $15 million bank debt. A Vancouver accounting firm has been appointed to sell the properties and estimates the company’s assets at approximately $23 million.

Canada’s $4-billion infrastructure stimulus program was launched with a single focus in mind: jobs. Now, after surveying those who actually received the federal cash, Parliamentary Budget Officer Kevin Page gives the program poor marks on that goal, The Globe and Mail reported. The survey reinvigorates an unresolved debate that has long pitted the free-market disciples of classic liberal economic thinking against the post-Great Depression view popularized by British economist John Maynard Keynes that government intervention and deficits in hard times work.

Nortel Networks Corp, the fallen Canadian telecom giant, said it will sell nearly all assets of its Chinese joint venture to Ericsson's China unit for $50 million in cash, Reuters reported. The joint venture -- Guangdong Nortel Telecommunication Equipment -- is a research, development and manufacturing firm in which Nortel's units, Nortel Networks Ltd and Nortel China, own 62 percent. GDNT became a supplier to Ericsson after the Swedish mobile network equipment maker bought Nortel's CDMA and GSM businesses.

A committee of Canada's Senate on Thursday killed a proposed law aimed at preventing long-term disabled workers from being treated as unsecured creditors in bankruptcy proceedings, Dow Jones Daily Bankruptcy Review reported. Bill S-216, as it is known, which moves the disabled up the queue to preferred creditor status, is meant to help disabled Nortel Networks Corp. employees who will lose their benefits at year's end because of a court-approved former employees' settlement earlier this year.

The Supreme Court of Canada said Thursday it will hear Newfoundland and Labrador's appeal of a lower-court mill clean-up ruling, The Montreal Gazette reported. Newfoundland and Labrador had asked the Supreme Court to rule on certain issues relating to the creditor protection process, especially whether AbitibiBowater's statutory duty to remove environmental contamination is invalidated by the Companies' Creditors Arrangement Act. AbitibiBowater gained court protection from creditors in Canada and the U.S. 20 months ago and plans to exit next month after the Canadian and U.S.

A committee of Canada's Senate on Thursday killed a proposed law aimed at preventing long-term disabled workers from being treated as unsecured creditors in bankruptcy proceedings, Dow Jones reported. Bill S-216, as it is known, which moves the disabled up the queue to preferred creditor status, is meant to help disabled Nortel Networks Corp. employees who will lose their benefits at year's end because of a court-approved former employees' settlement earlier this year.

Premier Greg Selinger declined to respond to a charge Friday the province reneged on approving a condo development that could have kept the Radisson Hecla out of receivership, the Winnipeg Free Press reported. Selinger said because the case is now in court, he's blocked from discussing a claim by Joe Paletta, president of The Paletta Group, the province stood in the way of the redevelopment of the resort in Grindstone Provincial Park. "Obviously, it's a concern when a Manitoba family has made a major investment like that.

Family-owned fashion retailer Boutique Jacob Inc. has applied to Quebec Superior Court for an order providing protection from creditors under the Companies Creditors Arrangement Act, The Montreal Gazette reported. "We need time to restructure our activities in an orderly manner in the best long-term interest of the company itself, its 2,000 employees, suppliers, creditors, customers and other partners," Joey Basmaji, president of the Montreal-based national chain, said in a statement. He said the company will operate normally and all Jacob stores across the country will remain open.

Nortel Networks Corp said Genband Inc was looking to "drastically and improperly" reduce its offer price for a Nortel business unit which it agreed to buy in December 2009, Reuters reported. Nortel has also sued Nokia Siemens Networks for failing to pay for certain trial equipment, according to court papers filed on Thursday.

The long and troubled history of the Vancouver Olympic village took another severe turn Wednesday when Millennium Water, the owners of the village, entered into receivership, The Vancouver Sun reported. Under a deal worked out between the city of Vancouver and Millennium Water, Ernst & Young Inc. was appointed as the receiver for the company. The firm will assume control of Millennium Southeast False Creek Properties and the Millennium Water development, the city said in a news advisory.