TORONTO, March 20 /CNW/ - The Pan-Canadian Investors Committee for
Third-Party Structured ABCP today announced that the information statement
relating to its restructuring plan and other relevant documents are now
available on Ernst & Young Inc.'s ABCP website
(www.ey.com/ca/commercialpaper). The information statements and other
meeting-related documents will be mailed to noteholders in the next few days.
"These documents provide full disclosure on the plan and the nature of
the assets supporting each series of the trusts subject to the plan," says
Purdy Crawford, Chair of the Committee. "They will enable all noteholders to
make an informed decision on the plan."
Ontario Superior Court of Justice recently granted an application by the
Investors Committee, 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 scheduled for April 25.
Under CCAA provisions, the plan must be approved by a majority in number
of noteholders (regardless of the size of their holdings) that vote at the
meeting, as well as by noteholders representing not less than 66 2/3% of the
total aggregate principal amount of ABCP that vote at the meeting. If the plan
is approved by the noteholders at the meeting, a further hearing will be held
before the Court for its final sanction of the plan.
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