Business news for Sun, 16 Dec 2007 & with word committed. 2 news.

A GROUP representing investors holding about C$35 billion (US$34.4 billion) of frozen asset backed commercial paper in Canada missed its deadline for a second time to restructure the debt into longer-term notes. "It would have been nice to have wrapped up yesterday but the reality is that didn't happen," lawyer Purdy Crawford, who leads the restructuring, told Bloomberg News. "We are very committed to go public with an agreement in principle earlier than the end of January if it is at all feasible." Canada's market for commercial paper sold by non-bank dealers ground to a halt in August after Coventree Inc and other trusts failed to renew maturing debt because investors were concerned about ties to US subprime mortgages. Banks refused to provide backup financing, freezing the market and putting funds at risk of collapsing. A group of foreign banks, Canadian lenders and pension funds led by Caisse de Depot et Placement du Quebec negotiated the so-called

PASSENGER throughput at Hong Kong International Airport exceeded four million in November, the largest increase this fiscal year and a 10-percent improvement on November 2006, Hong Kong Airport Authority said yesterday. According to figures released by the authority, cargo throughput in HKIA grew 6.2 percent to 364,000 tonnes in November, driven by strong exports to South East Asia and Europe, and trans-shipments to and from South East Asia and the Chinese mainland. Air traffic movements increased 6.1 percent to 25,210. Stanley Hui, chief executive officer of the authority, said there were robust visitor numbers, particularly from the Chinese mainland, North America and Europe. "At our current growth rate, annual passenger volume will soon reach 50 million. HKIA is ready to meet this demand and committed to delivering top-quality services," Hui said.