The restructuring plan affecting $32 billion of asset-backed commercial paper has now been fully implemented, the Pan-Canadian Investors Committee for Third-Party Structured ABCP announced on Wednesday.

“We are delighted to announce the successful completion after nearly a year and a half of arduous negotiations, legal challenges and compromise during ever changing credit market conditions,” said Purdy Crawford, chair of the investors committee.

“I want to thank all Committee Members for their dedication and hard work over this prolonged period, as well as investors and other stakeholders for their patience and understanding over the past 17 months as we worked through the many challenges associated with this restructuring,” he added.

Holders of affected ABCP will have their short-term commercial paper exchanged for longer term notes with maturities that match those of the assets previously contained in the underlying conduits.

Note-holders should expect to receive the new notes within three business days, according to the committee.

Finance Minister Jim Flaherty welcomed the news that the plan was complete.

“I am pleased that after a long and difficult process, investors will now begin to get their money back,” said Flaherty.

“I congratulate all participants for their hard work and collective patience over the last 18 months. This agreement will provide a stable and effective result for investors and asset providers.”