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Green light for Canada’s ABCP vote

By Daina Lawrence in Ottawa

Published: April 24 2008 21:19 | Last updated: April 25 2008 03:26

An Ontario Superior Court judge has ruled that a noteholder vote to restructure Canada’s frozen asset-backed commercial paper market will go ahead on Friday as planned in spite of complaints by some investors that the plan is unfair.

A group of corporate noteholders claimed in court this week that the proposed restructuring plan that has been in the works since last summer should be modified to remove a clause that removes investors’ right to sue the plan’s participants.

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