Flaherty welcomes top court ABCP ruling

Fri Sep 19, 2008 5:59pm EDT
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OTTAWA (Reuters) - Canadian Finance Minister Jim Flaherty welcomed the Supreme Court's decision on Friday to not hear a legal challenge to a proposed restructuring of the country's non-bank asset-backed commercial paper market.

"I am pleased that the Pan-Canadian Investors Committee plan for restructuring asset-backed commercial paper cleared its final legal hurdle this afternoon with the Supreme Court of Canada's decision," Flaherty said in a statement.

"The court's decision means that, after months of uncertainty, the restructuring can finally proceed as planned."

(Reporting by David Ljunggren; editing by Rob Wilson)