Financially troubled Colossus Minerals Inc., a development-stage miner focused on Brazil, intends to file for protection under the Bankruptcy and Insolvency Act, GlobalPost reported on a Canadian Press story. Trading in shares of Colossus, which was unable to make a Dec. 31 interest payment on its convertible gold-linked notes, have been halted on the Toronto Stock Exchange pending a delisting review. Colossus said Tuesday that its board has approved a proposal from certain noteholders and Sandstorm Gold Ltd.

Quebecor Inc. is showing interest in purchasing struggling wireless startup Mobilicity, a move that could potentially change Canada’s national wireless landscape at a time of faltering competition, The Globe and Mail reported. Bank of Nova Scotia analyst Jeff Fan said in a research note that the Montreal company signed a non-disclosure agreement with Mobilicity ahead of a key spectrum auction that began on Tuesday, suggesting it may harbour ambitions of securing more wireless licences outside its home market of Quebec.

What the US Supreme Court decides in a key court case involving Argentina and its bondholders will greatly impact how sovereign debt restructuring is done in the future, the BBC reported. The essence of the decade-long lawsuit between the country and a handful of its creditors is: Can bondholders demand full repayment of what they lent to a country even when others have settled for a haircut? Argentina's 2002 default of around $100bn (£61bn) was the largest at the time, until Greece's around 200bn euros debt restructuring.

Global regulators have watered down controversial new rules aimed at reining in banks’ reliance on debt, following ferocious industry lobbying, the Financial Times reported. Central bankers and supervisors on Sunday approved an international standard for the leverage ratio – a measure of financial strength that is considered less susceptible to being gamed by bankers – that offers some concessions to banks. The changes announced in Basel, Switzerland, will come as a relief to big investment banks who had been fretting they would be forced to raise billions in extra capital.

Mobilicity is attempting to lay the groundwork to ask an Ontario court to force the sale of its wireless licences to Telus Corp. or another large carrier after a federal ban on such deals expires next month, BNN reported on a Globe and Mail story. Mobilicity plans to ask the Ontario Superior Court of Justice to issue an order that could pave the way for the transfer of its spectrum licences to another carrier, even if the federal government objects to a potential deal, according to court filings.

Fisker Automotive, the bankrupt maker of a plug-in hybrid sports car, asked a federal judge to approve its proposed sale to a Hong Kong tycoon rather than a Chinese suitor that Fisker alleged was to blame for its failure. A courtroom showdown is set for January 10 that will determine the future of the defunct car maker, which was launched with a controversial U.S. government loan. U.S. Bankruptcy Court Judge Kevin Gross must decide if Fisker's business will be put to open auction or sold to an affiliate of Richard Li as the company has proposed.

The cash-strapped Land Conservancy of British Columbia has decided to reduce its debt load by selling a historic property in a deal that could see it once again become a working farm, Metro News reported on a Canadian Press story. Land Conservancy manager John Shields says officials are nearing completion of a deal to sell Keating Farm, located about 60 kilometres north of Victoria near Duncan, for nearly $750,000. He says the prospective buyer is pledging to restore the site to a working farm.

China's largest auto parts company made a surprise bid for Fisker Automotive just days before the bankrupt maker of the Karma plug-in hybrid sports car was to be sold to a Hong Kong tycoon, according to court documents, Reuters reported. Fisker creditors asked the U.S. Bankruptcy Court in Wilmington, Delaware, to scrap Fisker's agreed sale to a company affiliated with Richard Li and instead hold an open auction at which auto parts supplier Wanxiang America Corp plans to bid.

Lone Pine Resources Inc. is requesting U.S. Bankruptcy Court approval of its reorganization plan, contingent with its also receiving the Canadian bankruptcy court's blessing early next year, The Wall Street Journal reported. The company is scheduled to ask the Canadian court to approve its plan during a sanction hearing on Jan. 9. That approval will implement the plan in Canada, but it still would require U.S. court confirmation. Lone Pine is requesting that on Jan. 14, the U.S.

Canada's economy expanded faster than expected in October, driven by the largest monthly gain in manufacturing in nearly two years, suggesting fourth-quarter growth may not be far off the strong gain seen in the previous three months, the Wall Street Journal reported today. Gross domestic product, the sum total of goods and services produced in the country, grew 0.3 percent to 1.60 trillion Canadian dollars ($1.51 trillion), the same pace as in September, Statistics Canada said Monday.