John Aquino, the former president of a major and now bankrupt Ontario construction contractor, plans to appeal a provincial court ruling that puts him and his associates on the hook for $33 million drained from the company, according to his attorney, the Engineering News-Record reported. The Ontario Court of Appeal upheld on March 10 a previous court decision that ordered Aquino, former president of Bondfield Construction Co. Ltd.

The apartments typically go unused, instead acting as an investment vehicle to hold onto money, Africa Business Insider reported. They're often held through a trust or shell company to hide the identity of the true owner. In a small city in South Florida called Sunny Isles Beach, luxury condos tower over the Atlantic Ocean. But high above the busy streets, not all of the city's multi-million dollar apartments light up at night.

A work stoppage at Canadian Pacific (CP) Rail has started, and the timing is unfortunate, says one employer group, HRReporter.com reported. “The timing could not be worse for our members,” say Corinne Pohlmann, senior vice-president of national affairs, and Jasmin Guenette, vice-president for national affairs, at the Canadian Federation of Independent Business (CFIB).

Grupo Aeromexico announced today that it has completed its financial restructuring process, officially exiting chapter 11 under which it voluntarily entered in June 2020 in the midst of the worst crisis in the airline industry unleashed by the COVID-19 pandemic, AviaciOnline reported. Since then, the company has been going through a series of changes in the company’s structure and multiple negotiations with creditors, workers and institutions. According to Aeromexico, the value of the capital after the restructuring is approximately USD 2,564 million.

A prominent Ottawa business expert is predicting a wave of bankruptcies in the coming months as surging prices at gas pumps and grocery stores prompt Canada’s central bank to further raise its benchmark interest rate in a bid to put the brakes on inflation, the Ottawa Business Journal reported. Ian Lee, an associate professor at Carleton University’s Sprott School of Business, expects the Bank of Canada to impose “multiple” interest rate hikes this year as it tries to rein in an annual inflation rate that climbed to 5.7 percent in February, its highest level since August 1991.

A commodities rally sparked by Russia's invasion of Ukraine will push Canadian inflation higher for longer, with the headline rate now seen peaking at or above 6%, forcing the central bank to raise interest rates more aggressively, economists told Reuters. Canada's inflation rate has already surged well above the 5.1% that the Bank of Canada forecast for the first quarter in January, highlighting the tough road ahead to get price growth back down to the 2% target.

A group of five banks led by Royal Bank of Canada is stuck holding $1.7 billion of loans for software company SS&C Technologies Holdings Inc. after falling debt prices forced the postponement of the offering to investors on Wednesday, Bloomberg reported. The deal was pulled because of market conditions, according to a person with knowledge of the matter. The banks canceled a planned call with lenders — the official start of the marketing process — prior to its scheduled 10 a.m. start in New York.

An Alberta, Canada, trucking company specializing in fluid transportation for the oil sector is seeking credit protection as it faces over CA$3 million ($2.3 million) in debt to dozens of companies and the country’s tax authority, FreightWaves reported. Prairie Tech Oilfield Service, based in Elk Point, filed a notice in the Court of Queens Bench of Alberta on Feb. 22 that the company is insolvent and intends to make a proposal to its creditors under Canada’s Bankruptcy and Insolvency Act.

Mexico's Grupo Aeromexico shares plunged for a fourth day in a row on Tuesday after nearly a fifth of the company's capital was sold at 1 cent a share through a public offering as part of its restructuring plan to exit bankruptcy, Reuters reported. Shares in Grupo Aeromexico, which operates the country's main airline and filed for bankruptcy in 2020, fell 27% to 59 cents and have lost about half their value in the past four days. Analysts have said trading in the shares has not reflected a creditor deal that was approved in January. Through the tender offer, which took place between Feb.

Delta Air Lines Inc. said it’s working with Air France-KLM as the Paris-based airline considers joining in the bidding for a stake in Italy’s state-owned carrier, Bloomberg reported. Italia Tranporto Aereo would be a welcome recruit to the North Atlantic alliance led by Delta, according to Ed Bastian, the U.S. carrier’s chief executive officer. “Air France-KLM is in the lead in terms of actually making a potential investment,” Bastian said in a briefing in London on Tuesday.