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.

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.

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.

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.

The opening of the $3.5 billion Baha Mar mega-resort in the Bahamas is expected to be delayed beyond the start of the Christmas season, with the developer deep in an escalating legal battle with the Chinese companies that are providing most of the finance and construction work, Reuters reported. Even if construction on the unfinished resort resumed this month, there is little chance the project could be completed by mid-December, the start of the high season for Bahamas resorts, according to local contractors who have worked on the project.

Toronto’s housing market faces a high risk of a correction as soaring home prices have outstripped income growth even as the city is facing a rising supply of unsold condos, Canada’s federal housing agency warned, The Globe and Mail reported. In a new quarterly forecast on the housing market, Canada Mortgage and Housing Corp. said it is upgrading the risk of “problematic conditions” in the country’s largest housing market to “high” from “moderate” because it saw evidence the market was heating up this year even though home prices are already overpriced.

Mexico’s central bank on Wednesday cut its growth outlook for this year, putting pressure on the bank to keep interest rates low as long as possible despite a weak peso, The Wall Street Journal reported. In its quarterly inflation report, the Bank of Mexico slashed its growth estimate to between 1.7% and 2.5% from the previous range of 2% to 3%. If the estimate proves right, it would be a hard blow for President Enrique Peña Nieto. The midpoint of the latest estimate—2.1% growth—means Latin America’s second-largest economy would expand this year at the same pace as in 2014.