Sale of Baffinland's assets should be run by an independent officer, feds argues

Source: Territories - Northern Affairs (Yukon, NWT, Nunavut)
Date: 2026-10-09 21:52:54.0
Tags: [National, Mining, Resources, Economy, Finance, Justice]

Federal government lawyers and Export Development Canada (EDC) are arguing in the Ontario Superior Court that an independent, court-appointed officer should oversee the asset sale process for Baffinland Iron Mines Corp. Baffinland, which operates the Mary River Iron Mine on northern Baffin Island and employs over 1,200 workers, entered creditor protection in May owing $2.6 billion to 231 creditors and previously secured a $660-million loan from EDC to stay operational. EDC's legal representation argues that Baffinland's current operating committee faces conflicts of interest due to personal financial stakes, whereas Baffinland's counsel opposes the measure as an unprecedented attempt to rewrite contractual terms. Ontario Superior Court Judge Jana Steele has reserved her decision to be delivered in writing at a later date.