Holders of third-party asset-backed commercial paper (ABCP) overwhelmingly approved a restructuring plan in a vote on Friday.

Approximately 96% of the noteholders voted in favour of the plan to swap the ABCP for new longer-term notes. Only a majority was needed.

And noteholders with $28.8 billion worth of paper—more than 90%—approved the plan. A two-thirds majority was needed by holders of value.

The results of the vote will now be brought forward for consideration by the Ontario Superior Court of Justice for final sanction at a hearing currently scheduled for May 2.

“We are delighted by the results of today’s vote and will now proceed to a final hearing before the court,” says Purdy Crawford, chair of Investors Committee for Third-Party Structured ABCP. “If the court sanctions the plan as approved by noteholders, it should be fully implemented before the end of May.”

The third-party ABCP market in Canada has been frozen since August of last year. For more about the ongoing ABCP story, click here to visit our special section, The Paper Chase.

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