Holders Back Overhaul Of Canada Paper Market.

The article reports that Canadian holders of nonbank asset-backed commercial paper have voted in favor of a restructuring plan. An estimated 30 billion Canadian dollars worth of these commercial paper are reportedly frozen. Judicial approval for the restructuring plan is required and a May 2, 2008 hearing is scheduled. According to the article, the Canadian plan may serve as a blueprint to help isolate and dispose of asset-backed commercial paper in the U.S.