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Air Transat Faces Flight Suspensions Amid Pilot Strike Notice

  Air Transat has announced it will gradually suspend flights starting Monday following a 72-hour strike notice issued by its pilots’ union. The Air Line Pilots Association (ALPA), representing roughly 700 pilots, delivered the notice after nearly a year of unsuccessful negotiations with the airline’s parent company, Transat A.T. Inc. Background The union filed the strike notice on Sunday, giving pilots the legal right to walk off the job as early as Wednesday. Last week, pilots voted 99% in favor of strike action , underscoring their frustration over stalled contract talks. ALPA leaders emphasized that pilots do not want to strike but feel compelled to act after management failed to meet demands for a modernized agreement. Airline Response Air Transat confirmed it will begin suspending flights gradually between December 8 and 9 to prepare for a possible full shutdown. The company stated it is working “around the clock” to reach a deal and minimize disruption for trave...
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Real Estate Receiverships on the Rise: A Consequence of Elevated Interest Rates and Construction Costs

 


According to a recent report by The Canadian Press, real estate development projects across Canada are increasingly being pushed into receivership due to elevated interest rates, construction costs and delays, and a slower real estate market. Receiverships are a way for secured lenders to have the court appoint someone to take control of the property and either liquidate it or otherwise maximize the value of the assets. While often thought of as a last resort, experts have seen an increase in receiverships as bigger construction projects with multiple mortgages and parties involved start to run into trouble.

From one of Canada’s tallest condo towers to bare tracts of land, residential development projects across the country are facing financial stress. Smaller developers are finding it hard to get more money as the second-tier lenders they often rely on become more cautious. Ontario has seen the bulk of receiverships in recent months, but over the past year, the process has been applied to everything from a historic bank building in Saint John, N.B., to a fire-plagued apartment in Winnipeg.
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