ABCP Committee Acknowledges Application for Leave to Appeal

    TORONTO, June 18 /CNW/ - The Pan-Canadian Investors Committee for
Third-Party Structured ABCP acknowledges that proceedings have been taken by a
number of corporate noteholders in the Ontario Court of Appeal seeking to
challenge the Ontario Superior Court of Justice decision that sanctioned the
Committee's Plan to restructure $32-billion of third-party asset-backed
commercial paper.
    The Ontario Court of Appeal will hear the matter on June 25 and 26, 2008.
The Committee will ask the Court of Appeal to dismiss the proceedings and to
leave in place approval of the Restructuring Plan that the overwhelming
majority of affected noteholders voted in favour of in April.
    "The plan has been developed over nearly ten months and reflects
compromise by all parties," said Purdy Crawford, Chair of the Investors
Committee. "We regret that a few noteholders are seeking to prevent the
implementation of a plan which the Ontario Superior Court has agreed is fair
and reasonable and meets the criteria of the Companies' Creditors Arrangement

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

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890