Ottawa, April 25, 2008
2008-034

Archived - Minister of Finance Welcomes Vote on Asset-Backed Commercial Paper Workout

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The Honourable Jim Flaherty, Minister of Finance, today issued the following statement regarding the plan to restructure third-party asset-backed commercial paper:

"I am pleased that the vote on the restructuring plan put forward by the Pan-Canadian Investors Committee has now taken place. A large majority of investors has expressed support for the restructuring proposal.

This is an important milestone in what has been a long and complex process.

Since the standstill began last August, the Government has supported a market-led restructuring as a better course of action for investors and capital markets.

I look forward to next steps in the process being completed in a timely fashion.

The restructuring serves as a good example for others of a market-led workout without a government bailout using taxpayer dollars."

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For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance
613-996-7861
David Gamble
Media Relations
Department of Finance
613-996-8080

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