The Ontario Superior Court of Justice has ruled that the third-party asset-backed commercial paper (ABCP) noteholder vote can go ahead on Friday.

Justice Colin Campbell rejected arguments asking that the vote be delayed until further information was made available.

“To postpone the vote…would signal the failure of the plan,” he says. “A failure of the plan will have extremely serious consequences.”

He adjourned requests to require that certain noteholders be allowed to vote as a separate class.

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“We are delighted by today’s decision, which allows the noteholders’ vote to proceed on schedule,” says Purdy Crawford, chair of the Pan-Canadian Investors Committee for Third-Party Structured ABCP. “Noteholders will now have an opportunity to have their say and to bring matters one step closer to a resolution.

Noteholders will vote on the plan at 10am Eastern on Friday the Fairmont Royal York in Toronto.

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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