ABCP pact sets stage for trading

An agreement reached yesterday to salvage the frozen $33-billion market for troubled commercial paper will give investors a chance to recoup much of their money after the debt begins trading this spring.

"I am confident that this plan will provide most holders of outstanding commercial paper with the opportunity to receive the full repayment of principal by holding restructured notes to maturity," stated Purdy Crawford, the lawyer who chairs the committee that worked for months on the restructuring agreement.

Some investors had been ready to launch lawsuits in a bid to recoup their money if a timely agreement hadn't been reached.

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- Posted: 2007-12-24 10:58:09

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