Standstill agreement on third party ABCP extended until December 14, 2007
The Pan-Canadian Investors Committee for Third Party Structured Asset Backed Commercial Paper and the bank counterparties to the third party ABCP conduits covered by the “Montreal Accord” announced today the extension to December 14, 2007 of the standstill arrangements which are the foundation of the Montreal Accord.
This extension of the standstill period will allow all parties to continue the progress they have been making in effecting a restructuring of third-party ABCP issued by these conduits.
Purdy Crawford, Chairman of the Investors Committee, said, “The extension of our standstill arrangement reflects the high level of cooperation that we have achieved with all parties, including the bank counterparties, as we continue to work together towards a solution which will maximize the value of third-party ABCP. We intend to provide investors with definitive restructuring proposals for each affected conduit prior to the expiry of our extended standstill. We understand that many investors have a pressing need for liquidity and this remains a high priority for us. We are determined to advance this matter to a conclusion as promptly as possible while providing investors with a fair result.”
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ANNEX A
THIRD PARTY ABCP CONDUITS
Apollo Trust
Aurora Trust
Comet Trust
Encore Trust
Gemini Trust
MMAI-I Trust
Planet Trust
Rocket Trust
SLATE Trust
Structured Investment Trust III
Apsley Trust
Aria Trust
Devonshire Trust
Ironstone Trust
Opus Trust
Selkirk Funding Trust
Silverstone Trust
Skeena Capital Trust
Structured Asset Trust
Symphony Trust
Whitehall Trust
Newshore Canadian Trust
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For more information
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David WeinerNATIONAL Public Relations (Media) Toronto416-848-1633
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Mark BoutetNATIONAL Public Relations (Media) Montréal514-843-2385
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Pierre LaporteErnst & Young Inc. (Investors)514-874-4383