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The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Asia Ex-Japan Credit Derivatives Determinations Committee resolved that a Bankruptcy Credit Event occurred in respect of Sino-Forest Corporation.
The Committee determined that an auction will be held in respect of outstanding CDS transactions.
ISDA will publish further information regarding the auction on its website, www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.