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The committee overseeing the restructuring of $32-billion in frozen asset-backed commercial paper has confirmed a news report that it will not meet its latest deadline, Nov. 30, for completing the process, meaning yet another delay before frustrated investors see their money. Under the terms of the so-called Montreal Accord, the ABCP, which has been frozen since August 2007, is to be swapped for new bonds that will not mature for as long as nine years. The restructuring has been stretched out by numerous delays, including a lengthy court battle seeking approval for the settlement. http://www.reportonbusiness.com/servlet/story/RTGAM.20081125.wabcp1125/BNStory/Business/home
Globe and Mail
Latest News 2008