Ottawa, August 18, 2008
2008-058

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

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

"This afternoon’s decision by the Ontario Court of Appeal upholding the Pan-Canadian Investors Committee plan for restructuring asset-backed commercial paper is a positive and welcome step. The path to completing this process has been long, but the outcome should be well-received by investors.

All participants, particularly the Investors Committee led by Chairman Purdy Crawford, are to be commended for their focus and perseverance, and I urge them to continue to work towards a successful conclusion.

Throughout this past year, the Government of Canada has monitored this process closely and has encouraged all parties to work constructively toward an orderly resolution. Such a market-led restructuring is a preferred course of action for investors and capital markets in Canada, one that does not depend on taxpayer dollars."

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For further information, media may contact:

Dan Miles
Director of Communications
Office of the Minister of Finance
613-996-7861
David Gamble
Media Relations
Department of Finance
613-996-8080

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