The restructuring plan for $33 billion in asset-backed commercial paper has come across yet another delay, as an Ontario court has pushed back the approval hearing that was scheduled for today.
The plan was headed back into court looking for a final court sanction after noteholders approved the deal in a vote on April 25.
But Ontario Superior Court Justice Colin Campbell delayed the hearing today. May 12 and 13 have been put forth as tentatively rescheduled dates. A spokesperson for the Pan-Canadian Investors Committee for Third-Party Structured ABCP confirmed no date has been set but said it will “hopefully” happen in mid-May.
The judge wanted more time to look into other issues remaining before the court. Some corporate and larger investors are still fighting the so-called master release clause, which essentially relieves all sellers of the original paper from any future lawsuits. In order to receive notes under the new plan, investors must sign the release.
Approval hearing for ABCP restructuring plan delayed
Judge puts hearing off to consider the complicated plan
- By: Regan Ray
- May 2, 2008 December 14, 2017
- 11:02