Manitoba Champions awarded
The non-profit chose 10 'Future Champion' award recipients who advance economic growth and community well-being using 'impact, innovation and heart,' a media release reads.
Pamela Kolochuk, Peak of the Market's chief executive; Derek Earl, chair of BizforClimate; and Marcel Kringe, founder of Bushel Plus received awards.
Seven businesses joined them: La Brasserie Nonsuch Brewing Co. and QDoc, a virtual health-care platform, were Winnipeg representatives; Lynn & Liana Designs in Steinbach; Friesens Corporation in Altona; Southport Aerospace Centre near Portage la Prairie; Valley Fiber in Winkler; and Sperling Industries in Sperling also made the list.
The Manitoba Chambers of Commerce chose two recipients for the Lieutenant Governor Awards for Outstanding Contribution to the Community. Payworks was the 2025 business awardee. Doug Stephen, president of Wow Hospitality Concepts, was the individual chosen.
The Manitoba Chambers has partnered with the lieutenant governor on its accolade since at least 2001. The award was paused during the COVID-19 pandemic.
— Free Press staff
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Montreal Gazette
4 hours ago
- Montreal Gazette
Pierre Karl Péladeau remains in hunt for Transat AT
By Bloomberg Quebec billionaire Pierre Karl Péladeau says he's not giving up his long pursuit of Transat AT Inc., arguing the travel company's latest balance-sheet manoeuvres still leave it with too much debt. 'It's not over until it's over,' Péladeau said in an interview with Bloomberg News. 'The company will require another restructuring. They cannot live with that, or if they live with that, they will be impaired in their capacity to develop the business.' Péladeau's interest in owning Transat goes back many years. He mulled a bid when the company was in play in 2019, but the board eventually agreed to an offer of $18 a share from Air Canada. The COVID-19 pandemic struck before the transaction closed, and it was scuttled altogether in 2021. Péladeau has made a number of attempts to buy the company since. Last month, he offered $2.64 a share, which was rejected. Transat, a Montreal-based company that owns Air Transat, has grappled with an overwhelming debt incurred during the pandemic, when it had to get emergency funding from the Canadian government. Last month, the government agreed to reduce that debt by around $440 million. The remaining debt was restructured into a credit facility, a 10-year debenture and convertible preferred shares, the latter of which would give Ottawa a 19.9 per cent voting stake if converted to common shares. The deal didn't sit well with Péladeau, who owns slightly more than 9 per cent of Transat. His family office, Financière Outremont, advised by Canaccord Genuity Group Inc., made its $2.64 per share offer, but it was conditional on reaching an agreement with the Canadian government on debt terms. Transat rejected it. 'I was taking the risk to negotiate,' said Péladeau, whose wealth mostly comes from his controlling stake in telecom and media company Québecor Inc. He tried to stop the deal with the Canadian government in court, arguing that Transat should have consulted shareholders. A judge sided with the company, which had argued the severity of the situation allowed it to bypass shareholders. As of the end of April, prior to the debt restructuring, Transat had a net $1.7 billion in debt and lease liabilities. Transat shares have soared by about 70 per cent since the debt restructuring was announced in June and were trading at $2.80 early Monday, raising the market capitalization to $116 million. Péladeau said the stock price should have risen by much more than that. 'The market is saying it doesn't work,' he said. Desjardins analyst Benoit Poirier wrote in a report last month that despite the debt swap, 'leverage is still elevated relative to industry norms.' He forecasts the company to have a ratio of 6.7 times net debt to adjusted earnings before interest, taxes, depreciation and amortization for the fiscal year that ends Oct. 31. Air Canada has a ratio of lower than two times. 'I need to reconsider the situation,' Péladeau said when asked about what will be his next move. Péladeau believes Transat's restructuring raises a fundamental issue. 'Should the Canadian government be the largest shareholder of an airline, which is regulated by the government? So if I'm an American and I look at this, I say: 'What's wrong here?' ' Transat said in a statement that the refinancing was 'the best outcome in the interest of all stakeholders' and 'paves the way for Transat to further implement its long-term sustainable strategic and optimization plan.' The company declined to comment on Péladeau's considerations. The court proceedings revealed that Transat had set up a special committee in September to look for available options to restructure the debt. In January, a solicitation process was launched and 49 potential investors were approached. Only two bidders, including Péladeau's family office, made it to the final phase, and they offered no equity value. The Canadian government ended up agreeing to the refinancing. The Caisse de dépôt et placement du Québec, one of the largest shareholders, said it was in favour of the debt swap. 'The restructuring of Transat's debt was an essential step and will be beneficial to the company's turnaround. We hope that this Quebec-based company will be able to return to growth, after the more difficult years of the pandemic,' the firm said in a statement emailed by a spokesperson.
Toronto Sun
5 hours ago
- Toronto Sun
Billionaire Peladeau still wants to take over travel company Transat
Published Jul 14, 2025 • 3 minute read Pierre Karl Peladeau Photo by Graham Hughes / Photographer: Graham Hughes/Bloo (Bloomberg) — Quebec billionaire Pierre Karl Peladeau says he's not giving up his long pursuit of Transat AT Inc., arguing the travel company's latest balance-sheet maneuvers still leave it with too much debt. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account 'It's not over until it's over,' Peladeau said in an interview with Bloomberg News. 'The company will require another restructuring. They cannot live with that, or if they live with that, they will be impaired in their capacity to develop the business.' Peladeau's interest in owning Transat goes back many years. He mulled a bid when the company was in play in 2019, but the board eventually agreed to an offer of C$18 a share from Air Canada. The Covid pandemic struck before the transaction closed, and it was scuttled altogether in 2021. Peladeau has made a number of attempts to buy the company since. Last month he offered C$2.64 a share, which was rejected. Transat, a Montreal-based company that owns Air Transat, has grappled with an overwhelming debt incurred during the pandemic, when it had to get emergency funding from the Canadian government. Last month, the government agreed to reduce that debt by around C$440 million ($322 million). The remaining debt was restructured into a credit facility, a 10-year debenture and convertible preferred shares, the latter of which would give Ottawa a 19.9% voting stake if converted to common shares. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. The deal didn't sit well with Peladeau, who owns slightly more than 9% of Transat. His family office, Financiere Outremont, advised by Canaccord Genuity Group Inc., made its C$2.64 per share offer, but conditional on reaching an agreement with the Canadian government on debt terms. Transat rejected it. 'I was taking the risk to negotiate,' said Peladeau, whose wealth mostly comes from his controlling stake in telecom and media company Quebecor Inc. He tried to stop the deal with the Canadian government in court, arguing that Transat should have consulted shareholders. A judge sided with the company, which had argued the severity of the situation allowed it to bypass shareholders. As of the end of April, prior to the debt restructuring, Transat had a net C$1.7 billion in debt and lease liabilities. This advertisement has not loaded yet, but your article continues below. Transat shares have soared by about 70% since the debt restructuring was announced in June and were trading at C$2.80 early Monday, raising the market capitalization to C$116 million. Peladeau said the stock price should have risen by much more than that. 'The market is saying it doesn't work,' he said. Desjardins analyst Benoit Poirier wrote in a report last month that despite the debt swap, 'leverage is still elevated relative to industry norms.' He forecasts the company to have a ratio of 6.7 times net debt to adjusted earnings before interest, taxes, depreciation and amortization for the fiscal year that ends Oct. 31. Air Canada has a ratio of lower than 2 times. 'I need to reconsider the situation,' Peladeau said when asked about what will be his next move. This advertisement has not loaded yet, but your article continues below. Peladeau believes Transat's restructuring raises a fundamental issue. 'Should the Canadian government be the largest shareholder of an airline, which is regulated by the government? So if I'm an American and I look at this, I say: What's wrong here?' Transat said in a statement that the refinancing was 'the best outcome in the interest of all stakeholders' and 'paves the way for Transat to further implement its long-term sustainable strategic and optimization plan.' The company declined to comment on Peladeau's considerations. The court proceedings revealed that Transat had set up a special committee in September to look for available options to restructure the debt. In January, a solicitation process was launched and 49 potential investors were approached. Only two bidders, including Peladeau's family office, made it to the final phase, and they offered no equity value. The Canadian government ended up agreeing to the refinancing. The Caisse de Depot et Placement du Quebec, one of the largest shareholders, said it was in favor of the debt swap. 'The restructuring of Transat's debt was an essential step and will be beneficial to the company's turnaround. We hope that this Quebec-based company will be able to return to growth, after the more difficult years of the pandemic,' the firm said in a statement emailed by a spokesperson. Columnists Letters Golf Uncategorized Editorial Cartoons
Calgary Herald
a day ago
- Calgary Herald
France's Macron raises defence budget, says Europe under threat
Article content (Bloomberg) — President Emmanuel Macron said France will make a 'new' and 'historic' effort to increase defense spending to counter an acceleration of threats to freedom in Europe and the risk of outright war in the coming years. Article content In a speech Sunday, the French leader said he will double the annual defense budget from when he took office in 2017 to €64 billion ($75 billion) by 2027, instead of 2029 as previously planned. That will require an additional €3.5 billion next year and €3.2 billion more the following year. Article content Article content Article content He listed a wide array of threats from terrorism to electronic and drone warfare, and underlined a permanent and organized threat from Russia that he said Europe must dissuade to ensure peace. Article content Article content 'Never since 1945 has freedom been so threatened, and never has peace on our continent depended so much on the decisions we take today,' Macron said in an address to the armed forces ahead of the annual July 14 military parade in Paris. 'Let's put it simply: To be free in this world, you need to be feared, and to be feared you need to be powerful.' Article content The plan, which reflects Macron's ambition to project French power, comes as wars in Ukraine and the Middle East have transformed the security outlook for Western nations, forcing many to reassess long-standing reluctance to allocate resources to armed forces. Article content Defense spending already surged last year by the most since at least the end of the Cold War, according to a report earlier this year from the Stockholm International Peace Research Institute. Europe, including Russia, spent $693 billion on defense, 17% more than a year earlier, the institute said. Article content Article content However, France is facing greater spending constraints than most as efforts to repair public finances after the Covid pandemic and energy crisis have drifted off course, leaving the country with the widest deficit in the euro area. On Tuesday, Macron's government is planning to announce broad cuts across most ministries in order to meet public finance targets. Article content While France is navigating limited fiscal headroom, Germany has announced plans to unleash hundreds of billions of euros for defense and infrastructure investments, abolishing strict controls on government borrowing. Berlin has also called for the EU to reform its fiscal rules to allow countries to make bigger defense expenditures. Article content Macron said the extra spending he announced Sunday wouldn't be financed by debt. Instead, he called for economic reforms to boost productivity and activity and a contribution from everyone, without giving more details.
