Ottawa, March 17th, 2008
Archived - Minister of Finance Issues Statement on Restructuring Proposal for Asset-Backed Commercial Paper
Archived information is provided for reference, research or recordkeeping purposes. It is not subject to the Government of Canada Web Standards and has not been altered or updated since it was archived. Please contact us to request a format other than those available.
The Honourable Jim Flaherty, Minister of Finance, today issued the following statement:
"I am pleased the Pan-Canadian Investors Committee and other interested parties have finalized a proposal to restructure third-party asset-backed commercial paper.
Since the standstill began last August, the Government of Canada has encouraged a market-led restructuring as a better course of action for investors, other participants and capital markets than a fire sale of assets.
The global conditions that led to the standstill continue to pose risks and challenges in financial markets.
The development of this restructuring proposal has been a complex, difficult and lengthy process, and I commend the participants, particularly the Investors Committee chairman, Purdy Crawford, for their commitment and perseverance amid uncertain times.
The court has now approved a process for investors to vote on the restructuring proposal based on detailed information provided by the Investors Committee and its advisors. I encourage all investors to consider it seriously and to participate in the voting process.
The Government of Canada will continue to monitor developments closely."
For further information, media may contact:
Office of the Minister of Finance
Department of Finance
If you would like to receive automatic e-mail notification of all news releases, please visit the Department of Finance website at http://www.fin.gc.ca/scripts/register-eng.asp