Troubled Commercial Paper In Canada to Be Restructured.

The article reports on the agreement reached to restructure about 32 billion Canadian dollars in commercial papers that had been in limbo since August 2007. The commercial papers had some problems because they were supported by combinations of corporate bonds, mortgages, credit card liabilities and automotive financing. It is cited that some of the assets that backed up the papers contain funds borrowed by issuers who were not financially stable. J. P. Morgan Chase & Co. gave advice in the restructuring negotiation.