Ottawa, June 5, 2008

Archived - Minister of Finance Welcomes Court Approval of Asset-Backed Commercial Paper Restructuring

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The Honourable Jim Flaherty, Minister of Finance, today issued the following statement:

"I am pleased the Superior Court of Justice of Ontario has approved the plan for restructuring asset-backed commercial paper developed by the Pan-Canadian Investors Committee. This marks a decisive step in what has been a long and difficult process.

"Since the standstill began last August, the Government of Canada has supported a market-led restructuring as a preferred course of action for investors and capital markets in Canada. This process, while challenging, has served as a good example of a private sector-led effort that did not rely on taxpayer dollars for its success.

"I congratulate the Pan-Canadian Investors Committee, and in particular chairman Purdy Crawford, for the leadership and diligence necessary to achieve this ambitious goal. I now look forward to the process being completed in a timely and orderly fashion."

For further information, media may contact:

Chisholm Pothier
Press Secretary
Office of the Minister of Finance
David Gamble
Media Relations
Department of Finance

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