Pan-Canadian ABCP Committee to File Court Approval for Restructuring Plan



    CCAA Process will ensure comprehensive solution, fairness to noteholders

    TORONTO, March 14 /CNW/ - The Pan-Canadian Investors Committee for
Third-Party Structured ABCP today announced that it expects to file an
application on March 17, 2008 in the Ontario Superior Court of Justice under
the Companies' Creditors Arrangement Act (CCAA) asking the Court to call a
meeting of ABCP noteholders to vote on the Committee's plan to restructure 20
of the trusts covered by last summer's Montreal Accord, affecting $32-billion
of notes.
    "Given the progress we have made in resolving the outstanding issues, and
the good relations with all stakeholders, we see no reason why we would not be
in a position to file and are confident that we will be able to submit a plan
for a comprehensive and simultaneous restructuring of all affected ABCP that
will be of benefit to all noteholders," said Committee Chairman Purdy
Crawford. "Doing so will also continue the protections to date kept in place
under consensual standstill arrangements and provide noteholders an
opportunity to consider fully the Committee's proposal in an informed way."
    Under the restructuring plan announced in December, noteholders would
benefit from an improvement in the potential for value recovery over time, a
lower risk of margin calls, investment grade credit ratings for the vast
majority of the new notes, and improved transparency with regard to the
underlying assets.





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) 843-2385, Cell: (514) 249-4537; INVESTORS: Ernst &
Young Inc., Pierre Laporte, (514) 874-4383

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