The Pan-Canadian Investors Committee for Third-Party Structured ABCP will not complete the proposed restructuring of the third-party asset backed commercial paper market in Canada by the end of November, the committee announced Tuesday.

The delay is principally due to the complexity of the restructuring, the large number of participants involved in the process and current market conditions, the committee said.

“Despite this delay, the Investors Committee has made significant progress over the course of the past several weeks toward settling issues and completing the required documentation to implement the restructuring,” the committee said.

Participants involved in the restructuring include the Court-appointed monitor, Ernst & Young Inc., the Investors Committee, the asset providers, the Canadian banks, DBRS, the credit rating agency and BlackRock, which will become the asset administrator at closing.

“We acknowledge that it’s taking longer than we would wish and we apologize to all stakeholders for this further delay,” said Purdy Crawford, chairman of the committee, in a release. “The spirit of cooperation that has prevailed among the participants to the restructuring continues and we are focused on getting this deal done as soon as humanly possible.”

The restructuring plan has been approved by the Superior Court of Ontario.

IE