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.

To comment on this story, email craig.sebastiano@rci.rogers.com.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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