The Ontario Superior Court of Justice has granted an application by The Pan-Canadian Investors Committee for Third-Party Structured asset-backed commercial paper (ABCP) under the provisions of the Companies’ Creditors Arrangement Act (CCAA) establishing a procedure for noteholder approval of the restructuring plan.
The plan must now be approved by noteholders at a meeting that is expected to be scheduled later next month.
If noteholders vote in favour of the plan, a further hearing will be held before the Court to secure its final sanction of the plan.
“We are delighted that Justice Campbell has approved the initiation of this process,” says Purdy Crawford, chair of the committee. “The investors committee believes that the CCAA process going forward will provide a forum that ensures fairness and provides the greatest certainty that the plan will be implemented in a timely manner.”
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Investors will receive full information on the restructuring, including a copy of the plan and the information statement containing details on the meeting and voting process.
The committee will also shortly announce dates of informational sessions to be held for noteholders across Canada.
To comment on this story, email craig.sebastiano@rci.rogers.com.