An attempt to sell frozen third-party asset-backed commercial paper(ABCP)failed on its first day yesterday, according to a newspaper report.

The Globe and Mail reports that the trading platform run by an electronic exchange, Perimeter Financial Corp., did not match any buyers with sellers of ABCP.

Potential buyers reportedly bid 50 cents on the dollar, but sellers refused to accept the offer.

A pan-Canadian investors committee. overseeing the restructuring of the majority of third-party ABCP expects to have the problem resolved by mid-December.

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