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Restructuring of Canada's $32 Billion Market in Asset-Backed Commercial Paper Completed Through a CCAA Plan of Compromise and Arrangement


Lawyer Brendan O'Neill
Area Corporate Restructuring


Article originally published in INSOL World - Second Quarter 2009

In January 2009, a group of creditors known as the “Pan-Canadian Investors Committee” completed a restructuring of Canada’s $32 billion market in third-party asset-backed commercial paper (“ABCP”) through a reorganization proceeding effected under Canada’s Companies’ Creditors Arrangement Act  (the “CCAA”).  The restructuring was the largest corporate restructuring in Canadian history and the only restructuring of an entire market in a single CCAA proceeding.  Prior to implementation of the CCAA plan – (the “Plan”), American Lawyer magazine commented that:  The plan represents the largest and by far the most complex restructuring in Canada’s history.  If successful, it would be the only privately negotiated workout of an entire market anywhere in the world.”

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