The Ontario Court of Appeal has approved a creative use of the Companies’ Creditors Arrangement Act (CCAA) designed to unfreeze the $32-billion Canadian market for asset-backed commercial paper (ABCP).
As has been widely publicized, the Canadian ABCP market froze in August 2007 as a result of concerns in world credit markets arising from the US subprime mortgage crisis. After the market froze, a Pan-Canadian Investors Committee was formed to attempt to restructure it.
Filed under:
Canada, Ontario, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, McCarthy Tétrault LLP, Bond market, Secured loan, Companies' Creditors Arrangement Act 1933 (Canada), Royal Bank of Canada, Supreme Court of Canada, Court of Appeal for Ontario, Ontario Superior Court of Justice
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