TORONTO, Aug. 18 /CNW/ - The Pan-Canadian Investors Committee for
Third-Party Structured ABCP today welcomed the unanimous decision of the
Ontario Court of Appeal, which affirmed the decision of the Ontario Superior
Court approving the Committee's Plan to restructure $32-billion of third-party
asset-backed commercial paper.
The Court of Appeal agreed with the lower court's decision, announced in
early June, that the plan is fair and reasonable and meets the criteria of the
Companies' Creditors Arrangement Act.
The decision means that the Committee's restructuring plan, which was
approved by the overwhelming majority of affected noteholders in April, can
now move forward to completion.
Purdy Crawford, Chair of the Investors Committee stated, "Our Committee
is now in a position to put the final steps in place to complete the
restructuring plan and Noteholders can look forward to the issuance of new
notes and the establishment of a liquid market for them. Absent any further
appeals, we expect the restructuring to close by September 30, 2008."
For further information:
For further information: MEDIA, NATIONAL Public Relations, Toronto,
David Weiner, Tel. (416) 848-1633, Cell: (416) 931-4633; Montreal, Roch
Landriault, Tel. (514) 843-2345, Cell: (514) 249-4537; INVESTORS, Ernst &
Young Inc., Pierre Laporte, (514) 874-4383