Ontario's post-secondary minister says an investigator probing the financial problems at Laurentian University will issue a final report in six to eight weeks, the CBC reported. The northern Ontario school filed for creditor protection earlier this month amid what it called "unprecedented" challenges after a decade of financial strain. The Sault Ste. Marie MPP and Minister of Training, Colleges and Universities, Ross Romano, says the report will help the government decide next steps when it comes to the university.
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Seadrill Ltd, the rig operator controlled by billionaire John Fredriksen, filed for bankruptcy protection for its Asian units after the economic downturn triggered by the coronavirus pandemic worsened a crisis in offshore oil drilling, Bloomberg News reported. The filing in U.S. Bankruptcy Court in the Southern District of Texas is the second within four years by the driller that was once the industry’s largest by market value. The filing covers Seadrill GCC Operations, Asia Offshore Drilling Ltd., Asia Offshore Rig 1 Ltd., Asia Offshore Rig 2 Ltd.
Canadian insolvency filings hit a 20-year low last year as government financial support offset the shock and economic uncertainty caused by Covid-19, Advisor's Edge reported. The Office of the Superintendent of Bankruptcy said on Friday that there were 99,244 consumer bankruptcies and proposals along with business bankruptcies in 2020, down 30% from the prior year.
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Laurentian University owes three Canadian banks C$91 million ($71 million), according to documents in a bankruptcy filing that one analyst says will be a test case for how the country’s schools deal with growing financial pressures, Bloomberg News reported. The Sudbury, Ontario-based university requested court protection under the Companies’ Creditors Arrangement Act on Monday, citing widening deficits, declining enrollment and costs related to the pandemic.
The largest shareholder in high-end mall owner Macerich Co. sold its entire holding for nearly $500 million when the stock soared after being touted on Reddit, Bloomberg News reported. Ontario Teachers’ Pension Plan sold 24.56 million shares on Wednesday at an average price of $20.25 a share, according to details in an amended 13D. The Canadian fund had owned 16.4% of the company, according to data complied by Bloomberg.