The committee created to help restructure the third-party asset-backed commercial paper(ABCP)market in Canada wants more time to reach an agreement.

“Given the highly complex process and the significant number of stakeholders involved, a successful restructuring cannot be completed by mid-October in respect of all the affected conduit trusts,” says Purdy Crawford, chairman of the committee.

During a conference call this morning, he could not predict how much longer it would take to restructure the ABCP, but hopes to have a solution “before year-end.”

The committee is trying to come up with a solution that is fair and in the best interests of all investors and that would convert the short-term investment to a floating rate note with a maturity of five to 10 years.

It also announced that it has engaged JP Morgan as its financial advisor.

Click here to read Crawford to Head ABCP Committee.

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