According to sources in the asset-backed commercial paper market, a small handful of the banks backing ANC Rental Corp.'s ABCP conduit failed to provide timely liquidity when the conduit ceased issuing overnight paper last week.

There was approximately $70 million in commercial paper outstanding which came due on Tuesday, following ANC Rental's filing for bankruptcy. Sources said there was a logistical and operational delay, and investors were paid one day late. Apparently, of the 13 banks providing liquidity, three failed to pay on time.

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