Canadian ABCP arranger Coventree said yesterday that it is seeking an "orderly windup of its operations" and will distribute to shareholders any of the remaining funds. In the same release, the firm said that its special committee has concluded its capital markets and administration businesses are "no longer viable." Coventree's financial results for the fourth quarter "were materially adversely affected by the disruption in the Canadian asset-backed commercial paper market that began on August 13, 2007 and still continues today," according to the firm's statement on its financial results. The ABCP firm reported that its net income for the 4Q07 was $3.1 million compared with $6.1 million for the three months ended December 31, 2006.
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