On January 21, 2009, The Pan-Canadian Investors Committee for Third-Party Structured Asset-Backed Commercial Paper announced that the restructuring plan affecting $32 billion of thirdparty ABCP had been fully implemented.

Pursuant to the terms of the plan, holders of affected ABCP will have their short term commercial paper exchanged for longer term notes whose maturities match those of the assets previously contained in the underlying conduits.

Fasken Martineau played a critical role in the restructuring, advising a number of the parties.

Teams from Montréal and Toronto represented Desjardins Group, one of the applicants in the CCAA Proceeding: in Montréal, Yvon Martineau, Chloé Archambault, Marc Novello and Peter Villani, and in Toronto, David Baird, Edmond Lamek and Samuel Rickett. 

Other teams from Fasken Martineau represented the Issuer Trustees/Debtors and one of the Sponsors. (See "Pan-Canadian Investors Committee completes landmark $32 billion ABCP restructuring" Experience item.)