Canada

A Calgary-based oilfield services company with 112 employees at six locations as of the end of 2014 has been placed in receivership, an apparent victim of the current drilling downturn prompted by low oil and gas prices, The Calgary Herald reported. Great Prairie Energy Services Inc. announced late Friday that Grant Thornton Ltd. had been appointed receiver by the Court of Queen’s Bench and that all of its directors and officers had resigned.

Policy makers at the Bank of Canada were leaning toward another rate cut when they began their deliberations ahead of Wednesday’s rate announcement, but ultimately decided to stand pat, Governor Stephen Poloz said, The Wall Street Journal reported. The central bank held the key rate at 0.5% after considering expectations for future government stimulus spending and the risks associated with the recent plunge in the value of the Canadian dollar, Mr. Poloz said.

Canadian policy makers are heading into a tough week as pressure mounts on them to revive an economy that has been among the hardest hit by the commodity rout, The Wall Street Journal reported. Prime Minister Justin Trudeau and his cabinet colleagues will convene in a seaside resort town on Canada’s east coast Monday amid more evidence growth may have stalled again after sputtering to life in last year’s third quarter. A recent string of dismal economic news—and a free-falling Canadian dollar—has led to calls for Mr.

Parties seeking a chunk of the $7 billion raised from the liquidation of former telecommunications giant Nortel Networks started talks on Thursday aimed at ending one of the most complex and costly legal disputes in history, Reuters reported. The money has been sitting in a New York bank account since Nortel Networks global businesses were sold piecemeal after the Ontario-based company filed for bankruptcy exactly seven years ago.

Champion Iron Mine said Friday it will buy a Quebec iron ore mine for C$10.5 million ($7.65 million), just a sliver of the C$4.9 billion that Cliffs Natural Resources paid in 2011, when metal prices surged on booming Chinese demand, Reuters reported. The downturn in bulk commodities allowed Champion to negotiate a "competitive" bid, said Chief Executive Michael O'Keeffe in a statement, including C$10.5 million in cash, C$41.7 million for environmental reclamation and about C$1.1 million for bonds.

Canada moved to address growing unease about housing-market conditions in two of the country’s biggest cities, as officials here continue to grapple with the risks posed by Canadians’ high debt levels, The Wall Street Journal reported. Finance Minister Bill Morneau on Friday unveiled the latest in a series of actions Canada has taken to stem the growth of household debt, especially mortgage debt, which has reached record levels as consumers capitalize on an extended period of low rates.

Oilsands junior Laricina Energy Ltd. has settled debt obligations with the credit arm of the Canada Pension Plan Investment Board, with the result that its equity is now about 89 per cent owned by the board and its subsidiaries, it announced Tuesday, The Calgary Herald reported. The private company entered Companies’ Creditors Arrangement Act protection in March after it defaulted on a production covenant related to its CPP Credit Investments Inc. secured debt.

RioCan Real Estate Investment Trust said Monday it had reached a settlement with Target Corp. over 18 leases the Minneapolis-based retail giant abandoned when it exited the Canadian market this year, The Wall Street Journal reported. RioCan, which owns and manages the largest portfolio of shopping centers in Canada, said Target paid 132 million Canadian dollars (US$99 million) as part of the settlement, including C$92 million to RioCan and the balance to various co-owners. Target in turn has been released from indemnity agreements covering those locations.

Alberta lost 63,500 jobs in the first eight months of this year, according to government data, showing the toll weak oil prices have had on the western province, The Globe and Mail reported. The losses were the largest since the global economic crisis when the province shed 72,500 jobs over the same period in 2009. Combined with the slump in employment, the average weekly pay in Alberta fell 2.6 per cent to $1,129 in the 12 months ended in August, according to Statistics Canada’s survey of employment, payrolls and hours.

Essar Steel Algoma Inc., one of the largest steelmakers in Canada, is in talks with senior lenders over a deal to put the company into insolvency proceedings for the fourth time as its cash runs dry, according to a person with knowledge of the matter, Bloomberg News reported. The company is discussing a court filing within the next month, said the person, who asked not to be named because the talks are private. Essar Steel has sought interest from investors for a deal that would give it an immediate liquidity boost by selling receivables, another person said. The Sault Ste.