Reuters: Bankruptcy News: PRESS DIGEST-Canada-Aug 9

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PRESS DIGEST-Canada-Aug 9 Aug 9th 2013, 10:36 Fri Aug 9, 2013 6:36am EDT Aug 9 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy. THE GLOBE AND MAIL * The Quebec government says it can jump to the front of the line of the Montreal, Maine & Atlantic railway creditors seeking millions, to compensate the Lac-Megantic derailment victims and cover its cleanup bill. Quebec is counting on the environmental provisions of the federal Companies' Creditors Arrangement Act to get repaid by the Canadian subsidiary of MM&A, which listed C$48 million ($46.31 million) in liabilities but only C$18 million in assets in its bankruptcy filing. But legal experts aren't so sure if that recourse will be as far-reaching as the government suggested. () * A secluded beach on the northern tip of Vancouver Island has become the epicenter of a feud between a hippie-style counterculture movement and local residents concerned about protecting the environment. A Facebook event page, now deleted, showed more than 1,800 people were planning to attend the month-long "World Rainbow Gathering", where attendees would live off the land and pray for world peace. () Reports in the business section: * Telus Corp Chief Executive Darren Entwistle launched his harshest attack yet on Ottawa's telecom policy, arguing that federal intervention in the wireless market has fueled such "consternation and confusion" that it is harming Canada's reputation as a good place for companies to invest. () * Imperial Oil Ltd and Exxon Mobil Corp have teamed up to buy a major Alberta oil sands property from ConocoPhillips for C$751 million, ending a drought of large deals for bitumen-rich lands that had persisted since the start of the year. () * Tim Hortons Inc Chief Executive Marc Caira, who took the top job at the iconic chain on July 2, says the coffee chain needs to speed up service, streamline offerings and develop new products, including healthier choices, to win over customers and disgruntled investors. () NATIONAL POST * An in-depth background check of Patrick Brazeau by senior officials in Prime Minister Stephen Harper's office either ignored or overlooked the conflicting addresses now at the heart of a Royal Canadian Mounted Police (RCMP) probe into the embattled senator's finances. A court filing by the lead investigator in a breach of trust probe revealed last week that the RCMP is looking into tax returns filed by the former high profile aboriginal leader. () * Prime Minister Stephen Harper's personal involvement in the Northern Gateway and Keystone pipelines may have come too late to be decisive. Neither looks a good bet to proceed right now, but he is determined to be an active and visible proponent of the Energy East project, even before it breaks ground on its new sections. While he is at pains to point out the project remains subject to a regulatory review, he gives off the sense that his government desperately needs a home run on a big economic project. () FINANCIAL POST * Wireless incumbents BCE Inc and Telus Corp argue that if Verizon Communications Inc enters Canada, it should not piggyback on the cell towers that they have spent billions and decades to build. It is one of the so-called loopholes that the two companies are calling upon the federal government to close before the Sept. 17 spectrum auction sign-up deadline. () * Newfoundland and Labrador may be Canada's fastest growing province this year, but its stellar rise masks a dramatic decline in the oil sector. The province's three major offshore fields, Hibernia, Terra Nova and White Rose, are past their best and production from new fields is years away. () * The Canadian Radio-television and Telecommunications Commission (CRTC) on Thursday rejected the Sun News Network's bid to be carried on basic cable, casting fresh doubts on the future of the controversial upstart broadcaster. Sun says it will stay on the air while the CRTC reviews the way news channels are regulated in Canada. () Link this Share this Digg this Email Reprints

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