by Calculated Risk on 8/13/2007 05:24:00 PM

From Bloomberg: Coventree Fails to Sell Asset-Backed Commercial Paper (hat tip rcyran, Bill)

Coventree Inc., the Canadian finance company that went public in November, failed to sell asset-backed commercial paper to replace maturing debt because of the credit crunch ...

... the company extended maturities on C$250 million ($238 million) of commercial paper and sought emergency funding for another C$700 million of debt. Toronto-based Coventree's units have about C$16 billion of asset- backed commercial paper outstanding.
...
Coventree is among the first companies to delay payments on asset-backed commercial paper in the U.S. and Canada in the 12 years since the debt was created....
...
In the U.S., asset-backed commercial paper, which comprises about $1.15 trillion of the $2.16 trillion in commercial paper outstanding, is bought by investors such as money market funds. The cash allows entities such as those owned by Coventree to buy mortgages, bonds, credit card and trade receivables as well as car loans.