Canadian ABCP restructuring overcomes investor opposition

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Efforts to restructure C$32 billion ($30.6 billion) of Canadian asset-backed commercial paper (ABCP) moved closer to a resolution on August 18, when the Ontario Court of Appeal unanimously dismissed the claims of a group of corporate investors that opposed the plan.

The ABCP has been frozen since August 2007, when the non-bank conduits that issued the paper were no longer able to meet payment obligations to investors. Following the freeze, the Pan Canadian Investors Committee - formed by 17

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