Archived - Minister of Finance Welcomes Court Decision on Asset-Backed Commercial Paper Restructuring
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:
"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."
For further information, media may contact:
Director of Communications
Office of the Minister of Finance
Department of Finance
To receive e-mail notification of all news releases, please register at www.fin.gc.ca/scripts/register-eng.aspp