Sears Canada Inc said late on Friday that it has asked a court to extend creditor protection that expires on Wednesday by another month so it can finish negotiating a deal that would keep the iconic brand running in Canada, Reuters reported. The company, which in 2012 was spun off from U.S. retailer Sears Holdings Corp, filed for creditor protection in June and laid out a restructuring plan that included cutting 2,900 jobs and closing roughly a quarter of its stores.

Canadian steel producer Stelco Holdings Inc, which emerged from bankruptcy protection three months ago, said on Wednesday it has filed a preliminary prospectus with securities regulators in Canada for a proposed initial public offering of its shares, Reuters reported. Stelco, which is owned by U.S. restructuring firm Bedrock Industries Group LLC, is seeking to raise US$150 million in the share sale and could have a market value of about US$1 billion, according to a source familiar with the situation.

It’s crunch time for Concordia International Corp. With the junk-rated Canadian drug-maker facing two October interest payments, pressure is building for it to reach a debt-restructuring agreement with key bondholders. S&P Global Ratings downgraded Concordia on Sept. 18, citing its "unsustainable" capital structure and forecasting a “highly probable” likelihood of a restructuring or distressed exchange, Bloomberg News reported.

Banks that provided a $4.75 billion loan to Turk Telekomunikasyon AS’s major shareholder hired Lazard Ltd. to advise them on the nation’s biggest ever default, according to three people with knowledge of the matter. The creditors also hired Raiffeisen Investment AG to advise in negotiations over the loan taken out by Ojer Telekomunikasyon AS, or Otas, which owns 55 percent of Turk Telekom, Bloomberg News reported. Other parties to the talks are the Turkish Treasury, which also has a stake in the company, and Saudi Telecom Co., which indirectly owns shares, the people said.

Struggling retailer Sears Canada Inc’s top executive is negotiating a private-equity backed deal that could be valued at more than C$650 million ($533 million), citing people familiar with the matter, Reuters reported on a Wall Street Journal story. The retailer’s Executive Chairman Brandon Stranzl last month stepped away from day-to-day operations to focus on plans for the company, which filed for creditor protection in June.

Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, filed for bankruptcy protection after working out a deal with almost all its senior lenders to inject $1 billion of new money into the company, Bloomberg News reported. Under the proposal, lenders will extend the maturity on $5.7 billion in debt, with no amortization payments due until 2020. Should lower-ranking creditors join the proposal, $2.3 billion in unsecured bonds would be converted into a 15 percent stake in the company, Seadrill said in a statement.

Fairfax Financial Holdings Ltd. is prepared to inject as much as 5 billion rand ($386 million) to pay off bank debt owed by AfriSam Group Pty Ltd. and help South Africa’s second-biggest cement producer clinch a tie-up with larger rival PPC Ltd., according to two people familiar with the matter. The money from the African unit of the Canadian insurer will be used to repay bank loans and allow AfriSam to push through a new offer to PPC, according to the people, who asked not to be identified because the details are private, Bloomberg News reported.

Mexican construction company ICA said late on Friday it and its subsidiaries had filed a pre-packaged bankruptcy plan that had been subscribed to by the majority of its creditors, Reuters reported. ICA, which has been struggling under a high dollar-denominated debt load, said the plan had been filed in accordance with the statutes of Mexican bankruptcy law. Read more.

Shares in Seadrill, the oil rig owner controlled by influential shipowner John Fredriksen, sank on Thursday after it said it plans to begin its Chapter 11 debt restructuring in the coming weeks, and revealed a $100m loss in the second quarter, the Financial Times reported. Seadrill has struggled since the 2014 oil price crash, and has been eyeing Chapter 11 proceedings since the beginning of this year. It said on Thursday it plans to conclude negotiations on its restructuring, which is “likely” to involve bankruptcy, “on or before September 12″.

Sears Canada Inc.’s top executive is preparing an offer to save the bankrupt company from liquidation, The Wall Street Journal reported. Executive Chairman Brandon Stranzl intends to submit an offer for Sears Canada that would preserve the company as a going concern, according to a Wednesday memorandum filed in its insolvency proceedings. The retailer filed for protection from creditors in June under the Companies’ Creditors Arrangement Act, Canada’s equivalent of chapter 11 bankruptcy.