The pan-Canadian investors committee overseeing the restructuring of third-party asset-backed commercial paper(ABCP)expects to have the problem resolved by mid-December, said the committee’s chairman.

“We expect to be able to provide investors with definitive restructuring proposals for each affected conduit prior to the expiry of extended standstill agreement,” said Purdy Crawford during a conference call this morning.

Earlier today, it was announced that noteholders in one of the 22 affected conduits, Skeena Capital Trust, would receive the full value of their original investment perhaps as early as the end of this month plus accrued interest net of restructuring costs.

Last night, the committee announced that its 60-day standstill agreement was extended an additional two months.

“The restructuring of this first trust and the extension of the standstill agreement until December 14 reflects the exceptional level of co-operation among bank counterparties, conduit sponsors, indenture trustees and our committee as we work constructively to find solutions that respect these principles,” he added.

To read ABCP Committee Seeks Extension, click here.

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