TORONTO, Feb. 29 /CNW Telbec/ - The Pan-Canadian Investors Committee for
Third-Party Structured ABCP announced today that all participants in the Third
Party ABCP restructuring process are continuing to work to finalize certain
details of the Restructuring Plan, including with respect to the separate
restructuring for Devonshire Trust.
Complete information on the Restructuring Plan (including sufficient
information to enable all investors to make a fully informed decision in
respect of the Plan) and details of the approval process will be made
available before March 14, 2008. Given the complexity of the restructuring,
the Committee has also decided that it will give noteholders more time to
examine and consider the merits of the Restructuring Plan. As a result, a
meeting of noteholders is expected to occur in mid-April, with a closing
toward the end of April 2008.
"Negotiations with Canadian banks on the definitive terms of their
participation in the margin funding facility are continuing. We remain
optimistic that they will support our Restructuring Plan as participants in
this facility," said Purdy Crawford, Chairman of the Investors Committee.
Under the terms of the proposed Restructuring Plan, which deals with
20 of the trusts covered by last summer's Montreal Accord, and approximately
$33 billion of the $35 billion of outstanding third-party ABCP in Canada, most
noteholders can expect to receive full principal repayment if they hold the
new restructured notes to maturity of the underlying assets. They will also
benefit from reduced risk that external events affecting credit markets will
adversely impact the new notes.
The Investors Committee continues to pursue a number of measures to
encourage the development of liquidity for the restructured notes following
completion of the restructuring. The Investors Committee hopes and expects
that the full transparency of the underlying assets supporting these notes,
upon on before closing of the restructuring, will facilitate trading.
The restructuring has been approved in principle by the Investors
Committee, certain dealer bank asset providers, and the sponsors of each of
The implementation of the restructuring is subject to a number of
conditions, including execution of definitive legal documentation,
satisfactory due diligence, receipt of internal approvals by dealer bank asset
providers and participating Schedule I banks and receipt of the requisite
approvals of holders of ABCP. A variety of consents and other approvals will
be necessary or desirable in connection with the restructuring, including
certain governmental, regulatory and court approvals.
For further information:
For further information: Media: NATIONAL Public Relations: Toronto:
David Weiner, (416) 848-1633; Montreal: Mark Boutet, (514) 843-2385;
Investors: Pierre Laporte, Ernst & Young Inc., (514) 874-4383