September 19, 2008

Archived - Minister of Finance Welcomes Supreme Court of Canada’s Decision on Asset-Backed Commercial Paper Restructuring

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

"I am pleased that the Pan-Canadian Investors Committee plan for restructuring asset-backed commercial paper cleared its final legal hurdle this afternoon with the Supreme Court of Canada’s decision not to hear an appeal of the Ontario Court of Appeal’s ruling in this matter. The Ontario Court of Appeal upheld the Ontario Superior Court’s approval of the plan.

"The Court’s decision means that, after months of uncertainty, the restructuring can finally proceed as planned.

"I would like to again commend the participants in the restructuring, particularly the Investors Committee led by Chairman Purdy Crawford, for their efforts in supporting Canadian financial markets at this time of ongoing global financial market turbulence. I look forward to the successful conclusion of their efforts."

For further information, media may contact:

Office of the Minister of Finance

David Gamble
Media Relations
Department of Finance

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