Vote OK'd on plan to unfreeze Canada's ABCP market

04/25/2008 | Financial Times (free content)

A vote sought by institutional investors to restructure Canada's frozen asset-backed commercial paper market can go ahead today as planned, an Ontario judge ruled. A group of corporate noteholders claimed in court that the restructuring plan should drop a clause that eliminates investors' right to sue the plan's participants. The plan proposes converting the commercial paper into longer-term floating-rate notes, with the goal of containing losses and creating a secondary market.

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