Pan-Canadian Investors Committee Announces Final Court Approval for Implementation of CCAA Restructuring Plan

    Announces Terms for Payment of Accrued Interest on ABCP

    TORONTO, Jan. 12 /CNW/ - The Pan-Canadian Investors Committee for
Third-Party Structured Asset-Backed Commercial Paper today announced that Mr.
Justice Campbell of the Superior Court of Ontario has granted the Plan
Implementation Order and that, accordingly, the Plan for restructuring $32
billion of third-party ABCP can now be implemented. The restructuring is
expected to close on or about January 16, 2009.
    "After more than a year of patience and understanding on the part of
investors, both large and small, and through the efforts and compromises of
all the stakeholders around the table, we are very pleased to be entering this
final phase of the restructuring," said Purdy Crawford, Chair of the Investors
Committee. "While no one could have predicted the scope and extent of the
challenges that we've faced along the way, we continue to believe in the
benefits of this restructuring and are pleased that we are arriving at its
long-awaited and successful conclusion," he stated.

    Payment of Interest to Noteholders

    The Investors Committee also announced today that the first payment to be
made to Noteholders on account of interest on their existing holdings of ABCP
or otherwise accruing in the ABCP conduits has been determined for each Series
of Affected ABCP. The amount of this initial payment - representing interest
that has accrued on ABCP between August of 2007 and August 31, 2008, net of
expenses, including restructuring costs and reserves - varies by Series
pursuant to the provisions of the Plan. Details, including the specific
interest entitlements by Series of ABCP and CUSIP, are available in Appendices
H and K of the 18th Report of the Monitor dated January 2, 2009. This first
interest payment to Noteholders is expected to be made within three business
days after the closing date of the restructuring.
    Further payments representing interest earned in the ABCP conduits for
the period between September 1, 2008 and the closing date will also be made to
Noteholders. The amount per Series of these further payments will not be known
until after closing. It is expected that substantially all of the
restructuring costs and reserves will have been deducted from the first
installment and are therefore not expected to have an impact on the further
payments to Noteholders. As mentioned in the Monitor's 18th Report, payments
will be made as soon as possible following the review by the Monitor of the
reconciliation of the financial data from September 1, 2008 by the Sponsors of
the ABCP Conduits and the MAVs' administrator.

    Exchange of Affected ABCP for New Plan Notes

    The proposed allocation and distribution of new Plan Notes will be
primarily effected through the normal book entry procedures of CDS Clearing
and Depositary Services Inc. and its registered participants. Details
concerning each Noteholder's specific entitlement to new Plan Notes (including
the allocation of Class A-1 Notes, Class A-2 Notes, Class B Notes and Class C
Notes, as well as any IA Tracking Notes and/or MAV3 IA Tracking Notes, TA
Tracking Notes and SN Tracking Notes as applicable) has been determined
pursuant to the terms of the Plan and has been made available to Noteholders
as part of the Monitor's 18th Report. Other than in the case of any remaining
Noteholders holding physical certificates evidencing their ABCP, no further
action is required by Noteholders. Noteholders who continue to hold ABCP in
physical certificated form or are uncertain about any steps you are required
to take, are advised to please contact the Monitor, Ernst & Young Inc., at

    Other Information

    In accordance with terms of the restructuring Plan, certain material
documents relating to the Plan were made available by the Court-appointed
monitor, Ernst & Young Inc. on their website (
on December 24, 2008. The posting of these documents was intended to provide
investors and other interested parties with an opportunity to review the
definitive transaction documents prior to the completion of the restructuring.
    The Investors Committee is also reporting that there have been certain
changes to the principal federal income tax consequences of the Plan to
Noteholders since the time of publication of the Information Statement on
March 20, 2008. A summary of these changes will be made available on the
Monitor's website in the next few days. Noteholders are reminded to contact
their own counsel, accountants and other professional advisors as to the
legal, tax and other potential consequences of any purchase, sale or exchange
of Affected ABCP or new Plan Notes.

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, Tel. (514) 874-4383

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