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ABCP PLAN STALLED

The group charged with restructuring third-party asset-backed commercial paper has announced that it won’t be able to complete the transaction as it hoped by the end of October.

“The committee, its advisors and I are committed, as we have been throughout, to implement the restructuring at the earliest possible date,” said Pan-Canadian Investors Committee chairman Purdy Crawford in a release.

“We continue to work with the plan participants and major stakeholders to finalize the documentation and move forward with the closing process and we expect that the restructuring plan will be completed by the end of November.”

The group said the completion of the transaction has dragged on longer than expected due to the large number of participants, complexity of documentation, and the recent uncertainty within global financial markets.

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