The 100-year-old steel maker once known as Stelco Inc. may become independent again after United States Steel Corp. gave up on trying to restructure the company it purchased in 2007, The Globe and Mail reported. U.S. Steel Canada Inc., possessing the youngest integrated steel mill in North America and an idle steel-making mill in Hamilton, would proceed on its own or be sold after U.S. Steel and its stakeholders failed to reach a deal on the future of the Canadian unit within its troubled Pittsburgh-based parent company. U.S.

The number of consumer insolvencies in Alberta jumped almost 30 per cent in July from year-ago levels, reports the Office of the Superintendent of Bankruptcy Canada, The Calgary Herald reported. Statistics released Wednesday reveal 824 insolvency filings, a 28.3 per cent increase from July 2014. The number of bankruptcies rose 19.3 per cent to 353. Bankruptcy proposals, where an offer to creditors is made to settle debts, soared 36.1 per cent, to 471.

Canada’s Liberal Party, which has positioned itself with a legitimate shot to win the country’s Oct. 19 election, unveiled Saturday its fiscal and economic platform in an effort to counter claims from rivals that its campaign promises pose a danger to the federal budget, The Wall Street Journal reported. Among the three main political parties, the Liberals have made the biggest gains in public-opinion polls since the start of the election campaign in early August—and the economy has been a prominent focus.

Salaried employees and retirees of U.S. Steel Canada Inc. want the Ontario Superior Court to order the steel maker’s parent to halt any moves to shift steel production out of Canada until after a mediation session, The Globe and Mail reported. A plan by United States Steel Corp. to shift production of high value-added steel from Hamilton and Nanticoke, Ont., to U.S. mills has brought a year-long battle between the Pittsburgh-based giant and its stakeholders to a head.

U.S. Steel Canada Inc. will seek a court order to continue restructuring under court protection beyond this year, the company said Thursday, the Financial Post reported on a Canadian Press story. The former Stelco Inc., purchased by U.S. Steel in 2007, has been operating under Companies’ Creditors Arrangement Act protection since September 2014, and it was most recently extended until Dec. 11, 2015.

Household debt in Canada hit a record high in the second quarter, as borrowing accelerated at a quicker pace than after-tax income growth, the Wall Street Journal reported today. The bulk of the new borrowing was for mortgages as consumers took advantage of a surprise rate cut by the Bank of Canada in January, the first of two cuts this year aimed at boosting an economy bruised by a commodity-price rout.

Pascan Aviation (P6, Québec) has filed for creditor protection under Canada's Companies' Creditors Arrangement Act (CCAA). Similar to a US Chapter 11 bankruptcy filing, the move will allow the distressed carrier to continue operating while restructuring its business, ch-aviation reported. A Superior Court of Quebec docket indicates Pascan's creditors - Business Development Bank of Canada and Investissement Quebec - are providing a total of USD1 million to support the Pascan Companies' recovery plan.

Regional airline Pascan Aviation has filed for creditor protection but says it will honour reservations and tickets as it continues to restructure its business in parts of Quebec and Atlantic Canada, CTV News reported on a Canadian Press story. Pascan says two government agencies are providing a total of $1 million in financial support while Pascan operates under the Companies' Creditors Arrangement Act. The airline provides 40 daily flights to 12 airports in Quebec, New Brunswick and Newfoundland and Labrador using eight to 10 of its fleet of 23 small turboprop aircraft.

A technical recession, but not an “outright recession.” That is the verdict from economists Tuesday after Statistics Canada reported that the Canadian economy shrank at an annual rate of 0.5 per cent in the second quarter, following a 0.8 per cent decline (revised from an earlier figure of 0.6 per cent) in the first three months of the year, the Financial Post reported. A technical recession is defined as two consecutive quarters of negative growth.

Baha Mar Ltd. has filed a plan outlining the way the $3.5 billion stalled resort project in the Bahamas hopes to restructure in chapter 11 ahead of a hearing Friday to dismiss its U.S. bankruptcy case, The Wall Street Journal reported. The structure of the proposed plan swaps the ownership of Baha Mar for new financing, meaning whoever finances the project will end up owning the Bahamian resort, a key driver of the island nation’s economy. The plan also issues replacement debt to the resort’s current lender and unsecured creditors.