A tentative deal for restructuring Canadian ABCP

On December 23, 2007, the Pan-Canadian Investors Committee for Third-Party Structured Asset-Backed Commercial Paper (ABCP) announced that an ‘agreement in principle’ had been reached for a restructuring of $33 billion of approximately $35 billion of Canadian ABCP. The repayment of this debt had been frozen pursuant to a standstill created by the ‘Montreal Accord’ as of August 16, 2007.

Filed under:
Canada, Insolvency & Restructuring, McCarthy Tétrault LLP, Credit card, Accounts receivable, Interest, Market liquidity, Margin (finance), Subprime lending, Debt, Maturity (finance), Collateralized debt obligation
Location:
Canada
Firm:
McCarthy Tétrault LLP
Court tells junior investors in CDO “you gotta have faith” – good faith and fair dealing, that is

Cases analyzing rights under indentures – and the transactions holders and issuers contemplate (or not) under indentures – continue to gain attention in the restructuring world.  Some of those cases involve section 316(b) of the Trust Indenture Act (see our own blog’s recent posts) and payment rights under indentures.  Others, such

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Collateral (finance), Good faith, Collateralized debt obligation
Authors:
Debora Hoehne
Location:
USA
Firm:
Weil Gotshal & Manges LLP