The Canadian Press newspaper reports that a Canadian company, Ivanhoe Mines, plans to appeal to the Canadian supreme court to overturn the restructuring plan for the country’s asset-backed commercial paper market. The company will appeal against the decision by Ontario’s top appeal court not to block the restructuring plan. The company’s lawyer Howard Shapray is quoted as saying: "My client is a large investor and while there are small investors who are being squeezed in this process, the principles here are simply too important."

Smaller investors see themselves as being disadvantaged by the restructuring plan because it removes their right to sue in all instances except certain circumstances of fraud, says the article. Ivanhoe Mines holds about CAD70.7 million of termed-out commercial paper.

The restructuring, agreed by a large majority of investors in April, involves some CAD33 billion of paper issued by Canadian commercial paper conduits that was rated by DBRS. The conduits own some $200 billion notional of leveraged super senior corporate CSOs, which have fallen sharply in value.