An Ontario appeal court has rejected an attempt by United Steelworkers Local 2724 to overturn two orders made by Justice Frank Newbould in the Essar Steel Algoma restructuring proceedings, Sootoday.com reported. Local 2724, representing Essar Algoma's salaried employees, was trying to appeal decisions made by Judge Newbould on Dec. 22 and 29, 2016. On Dec. 22, Newbould had ordered that a term sheet summarizing the terms and conditions of an agreement between Essar Algoma and Cliffs Mining Co. be disclosed to the union's financial advisor, subject to a non-disclosure agreement. On Dec.

Ratings agency S&P has downgraded El Salvador’s sovereign credit rating to “selective default” after the government missed payments related to its pension debts, the Financial Times reported. The government missed $28.8m worth of payments due between April 7 and April 10 after the country’s Congress failed to approve a budgetary allocation to cover the payments. Assuming a solution is not found, the total owed is set to rise to $55.2m by the end of this month.

The Property and Casualty Insurance Compensation Corporation (PACICC) will participate in the federal government’s review of financial sector regulations next year, including the examination of an act that has not “really been reviewed” in more than a century, the Canadian Underwriter reported.

The worst may not be over for everyone in Canada’s oil patch even as crude prices show signs of stability, Bloomberg News reported. While producers are on firmer footing, oilfield service companies are still keeping restructuring advisers and lawyers busy as the effects of nearly three years of depressed oil prices continue to roll through one of Canada’s most important industries.

The Bahamas resort Baha Mar has taken more than 10 years to open, but on Friday, the $4.2 billion, 1,000-acre development on a half-mile of beachfront in Nassau is expected to finally debut — at least, in part, the International New York Times reported. Baha Mar comprises three hotel brands — Grand Hyatt, SLS Hotels and Rosewood Hotels & Resorts — for a total of 2,300 rooms. Grand Hyatt, with 1,800 rooms, is the largest and will be previewing on opening day; with nightly rates in the mid-$300 range, it’s also the most affordable.

Seadrill Ltd., once the crown jewel of billionaire John Fredriksen’s business empire, is at the mercy of short-term speculators as the biggest funds shun the offshore driller amid a struggle to avoid bankruptcy, Bloomberg News reported. “It’s trading at option value and day traders are the ones pushing the price up and down,” Anders Bergland, an analyst at Clarksons Platou Securities AS, said Tuesday, right after the company again warned shareholders and bond investors they were facing steep losses in any restructuring deal.

International offshore driller Ocean RIG UDW Inc filed for Chapter 15 bankruptcy protection in a U.S. court late Monday, hit by cancellations as major oil producing customers withdrew from deep water projects amid falling oil prices, Reuters reported. The Cayman Islands holding company, which spent heavily on new drill ships earlier in the decade, said lower oil prices will continue to weigh on client demand during 2017. More than half of its drilling units are currently inactive. In a filing with the U.S.

The Nova Scotia Supreme Court has granted a La Havre company an extension for filing its proposal for bankruptcy — with conditions. Kocken Energy Systems Inc. was given the full 45 days to file its proposal, the maximum allowed under the Bankruptcy and Insolvency Act, The Chronicle Herald reported. Kocken manufactures process equipment for the oil and gas industry. In 2011, the two shareholders, William Famulak and Arthur Sager, moved manufacturing from Alberta to La Have. In 2015, Kocken acquired a plant at St. Antoine, N.B.

Toshiba’s biggest creditors are split over its future strategy as pressure mounts for a swift Chapter 11 bankruptcy protection filing by Westinghouse, the troubled Japanese conglomerate’s US nuclear subsidiary, the Financial Times reported. People briefed on the situation said talks between Toshiba, its main lenders and other stakeholders are focused on whether it is possible or even desirable for Westinghouse to be placed under bankruptcy protection before the end of the Japanese group’s financial year on March 31.

A Canadian court has placed the privately held Lexin Resources Ltd oil company in receivership to sell off its assets after an unprecedented application by the Alberta Energy Regulator (AER), the agency said on Tuesday, Reuters reported. The AER's statement came weeks after the agency suspended licenses on all of the company's facilities. The AER has said Lexin had failed to comply with multiple orders, lacked enough staff to manage its more than 1,600 sites and owed more than C$70 million ($52.43 million). Lexin could not be reached for comment.