TORONTO, March 17 /CNW/ - Justice Colin Campbell of the Ontario Superior
Court of Justice has granted an application by The Pan-Canadian Investors
Committee for Third-Party Structured ABCP under the provisions of the
Companies' Creditors Arrangement Act (CCAA) establishing a procedure for
noteholder approval of the restructuring plan filed by the Committee. The Plan
must now be approved by noteholders at a meeting that is expected to be
scheduled for late April.
If noteholders vote in favour of the Plan, a further hearing will be held
before the Court to secure its final sanction of the Plan.
"We are delighted that Justice Campbell has approved the initiation of
this process," says Purdy Crawford, Chair of the Committee. "The Investors
Committee believes that the CCAA process going forward will provide a forum
that ensures fairness and provides the greatest certainty that the plan will
be implemented in a timely manner."
Investors will receive full information on the restructuring, including a
copy of the Plan and the Information Statement containing details on the
meeting and voting process. The Committee will also shortly announce dates of
informational sessions to be held for noteholders across Canada.
A copy of the Plan, related Information Statement and other documents
will be made available on Ernst & Young Inc.'s public website for the ABCP
restructuring (www.ey.com/ca/commercialpaper). The documents will also be
mailed to noteholders.
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