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.

Free newsletter

Our newsletter is FREE and keeps you up to date on all the developments in the Ontario legal community. Please enter your email address below to subscribe.

Recent articles & video

Imran Kamal told his story about addiction, hoping to encourage the legal profession to be more open

Ontario Court of Justice welcomes four new justices: Frank, Hanna, Harris, Marcon

Ont. Superior Court denies disability benefits due to lack of a causal link to 40-year-old accident

Ont. Superior Court dismisses individual's insurance claim but allows corporate claim to proceed

Ontario Superior Court rejects lawyer's request to intervene in fatal vehicle collision

Slip-and-fall on black ice is an 'accident' under Statutory Benefits Schedule: Ont. Superior Court

Most Read Articles

Imran Kamal told his story about addiction, hoping to encourage the legal profession to be more open

Ontario Superior Court rejects lawyer's request to intervene in fatal vehicle collision

Slip-and-fall on black ice is an 'accident' under Statutory Benefits Schedule: Ont. Superior Court

Ontario Court of Justice welcomes four new justices: Frank, Hanna, Harris, Marcon