Supreme Court Denies Leave to Appeal, Clears Last Significant Hurdle in
TORONTO, Sept. 19 /CNW/ - The Pan-Canadian Investors Committee for
Third-Party Structured ABCP today announced it was commencing the final steps
to implement its plan to restructure $32-billion of third-party asset-backed
commercial paper that has been frozen since August 2007.
The announcement follows the decision earlier today by the Supreme Court
of Canada to deny leave to appeal by a small group of corporate investors who
had sought to challenge the Superior Court of Ontario's sanction of the
Committee's plan and the Ontario Court of Appeal's unanimous ruling affirming
The plan, which will see existing ABCP exchanged for longer term notes,
was approved in April by the overwhelming majority of investors under the
provisions of the Companies' Creditors Arrangement Act.
"Today's decision clears the last significant hurdle to completing our
work," said Purdy Crawford, Chairman of the Investors Committee. Mr. Crawford
added that he was hopeful the issuance of new notes would re-establish
stability and liquidity in the market over time.
The Investors Committee expects to be in a position to commence the
process for implementation of the restructuring by September 30 or shortly
thereafter, with a view to completing implementation during the month of
For further information:
For further information: MEDIA, NATIONAL Public Relations, Toronto,
Megan Spoore, Tel. (416) 848-1383; Montreal, Roch Landriault, Tel. (514)
843-2345, Cell: (514) 249-4537, INVESTORS: Ernst & Young Inc., Pierre Laporte,