MMAI-I Trust - General market disruption and unability to place new asset-backed commercial paper

    MONTREAL, Aug. 14 /CNW Telbec/ - The trustee for MMAI-I Trust ("MMAI")
has been informed by National Bank Financial ("NBF"), acting as Financial
Services Agent of MMAI, that MMAI has been unable to roll its maturing
asset-backed commercial paper and/or extendible notes ("ABCP"), to fund the
repayment of previously issued ABCP which matured on August 13 and maturing on
August 14, 2007.
    MMAI has a short term liquidity arrangement whereby Deutsche Bank has
agreed that, in market disruption circumstances, it will purchase senior debt
or collateral from MMAI if MMAI is unable to sell ABCP to third parties. The
proceeds from such transactions would be used to repay MMAI's then maturing
debt. MMAI gave notice to request Deutsche Bank to provide liquidity to repay
the maturing notes under the liquidity arrangement.
    After the close of markets on August 13, 2007 and again today, Deutsche
Bank notified MMAI that it declined to provide the requested liquidity.
    The trustee is closely monitoring the situation to protect the interests
of stakeholders in MMAI.

    About MMAI

    MMAI is a special purpose vehicle rated R-1 (high) (short-term) and AAA
(long-term) by DBRS that funds the purchase of eligible assets by issuing
asset-backed commercial paper, extendible commercial paper and floating rate

For further information:

For further information: François Rivard, (514) 879-6405,

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