The Ontario Teachers’ Pension Plan, which is leading the record C$52bn (US$52.8bn) buy-out of Canada’s BCE, remains committed to the deal in spite of it hanging in the balance after banks attempted to renegotiate the terms.

Jim Leech, the chief executive of OTPP, told the Financial Times: “We are working very hard to fulfil our obligations and we expect that everyone else will fulfil their obligations. When I say we, I am talking on behalf of our [private equity] partners.