TORONTO, June 5 /CNW/ - The Pan-Canadian Investors Committee for
Third-Party Structured ABCP today announced that the Ontario Superior Court of
Justice has sanctioned the Committee's plan to restructure $32-billion of
third-party asset-backed commercial paper issued by 20 of the conduits that
are the subject of last summer's Montreal Accord.
Justice Colin Campbell accepted a proposed amendment to the plan that
would allow certain noteholders, under specified conditions, to pursue claims
of fraud against ABCP dealers. He also noted that he was satisfied with the
efforts of the Committee and other participants in the plan including certain
dealers of ABCP to deal with individual cases of hardship.
"We are gratified that the Court has approved the restructuring plan and
determined that is was fair," said Purdy Crawford, Chair of the Investors
Committee. "After nine months of arduous negotiations with, and compromise
among all stakeholders, we are poised to bring this process to a successful
conclusion for the benefit of noteholders."
Implementation of the restructuring plan is expected to be completed by
the end of June.
A copy of the Court's written ruling, when available, will be posted on
the public website of Ernst & Young Inc., the Court-appointed monitor in the
ABCP restructuring (www.ey.com/ca/commercialpaper).
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