It was a flashpoint in the world of distressed investing: Sanjeev Gupta’s infamous metals empire was falling apart as Greensill Capital imploded, Bloomberg reported. As turnaround specialists sought to grab debt of one his key assets on the cheap, a single U.S. private-equity firm swooped in to buy up the lion’s share — at full price. While the supply-chain saga has sparked a lobbying scandal in the U.K. political establishment, for troubled credit creditors it shows the everyday challenges of deploying the $15 billion lying idle in distressed funds.

The Calgary-based GYMVMT fitness chain will close multiple locations as part of a restructuring effort aimed at saving the business in the face of COVID-19 restrictions, the Calgary Herald reported. International Fitness Holdings Inc. — which operates 21 fitness centers in Calgary and Edmonton under the names GYMVMT, HER GYMVMT, Bankers Hall Club and ClubFit — filed a notice of intention last week to file a proposal under the Bankruptcy and Insolvency Act.

If it makes you feel better to say Canada’s housing market is a bubble, go ahead and say it. Everyone else has, The Globe and Mail reported. Ten years ago, The Economist magazine concluded Canadian real estate was grossly overvalued. Nine years ago, Merrill Lynch declared Canadian housing was afflicted by “overvaluation, speculation and oversupply.” Seven years ago, the Organization for Economic Co-operation and Development and the International Monetary Fund began sounding sirens about the dysfunctional state of Canadian housing.

The national average selling price for existing homes last month was about 32 percent higher than in March 2020, and owners in communities across Canada are feeling the benefits, The Globe and Mail reported. Average prices in Chilliwack, B.C., Bancroft, Ont., and Yarmouth, N.S., were at least $100,000 higher than a year earlier, right in line with big cities such as Vancouver. By handing owners these lottery-like gains in equity, the housing market has validated the almost religious belief of Canadians that owning a house is the foundation of financial success.

The three-month trial of a lawsuit against Toronto-Dominion Bank, in which the liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $4.5 billion in damages, is expected to end on Wednesday, Reuters reported. A written judgment from the court is expected in a few months. In closing arguments at the Ontario Superior Court, lawyers for the court-appointed joint liquidators of Stanford International Bank (SIB) alleged negligence and "knowing assistance" by TD in providing a correspondent banking account that Stanford used to perpetuate fraud.

Interjet shareholders unanimously voted to approve a filing for bankruptcy protection, a move that would enable the Mexican airline to resume payments to employees that have been frozen for several months, Bloomberg reported. Alejandro del Valle, who took a 90% stake in the carrier late last year, led discussions over the filing with former majority owners and founders Miguel Aleman Magnani and his father, Miguel Aleman Velasco. Interjet is the second Mexican airline to file for bankruptcy protection since the start of the coronavirus pandemic last year.

Apartment building owners in major Canadian cities are quietly selling billions of dollars worth of properties at premium valuations, despite the pandemic, with pension funds, private equity firms and other investors desperate to swallow large portfolios that rarely hit the market, The Globe and Mail reported.