A number of corporate noteholders are seeking to challenge the Ontario Superior Court of Justice decision that sanctioned the plan by the Pan-Canadian Investors Committee for Third-Party Structured ABCP to restructure $32 billion of third-party asset-backed commercial paper.

The committee for acknowledges that proceedings have been taken by a number of corporate noteholders in the Ontario Court of Appeal.

The Ontario Court of Appeal will hear the matter on June 25 and 26. The committee will ask the Court of Appeal to dismiss the proceedings and to leave in place approval of the restructuring plan that the overwhelming majority of affected noteholders voted in favour of in April.

“The plan has been developed over nearly ten months and reflects compromise by all parties,” says Purdy Crawford, chairman of the Committee. “We regret that a few noteholders are seeking to prevent the implementation of a plan which the Ontario Superior Court has agreed is fair and reasonable and meets the criteria of the Companies’ Creditors Arrangement Act.”