The International Swaps and Derivatives Association, Inc. (ISDA) today announced that LCDX dealers voted to hold an auction for loan-only CDS transactions referencing Georgia Gulf Corporation, a North American manufacturer and international marketer of commodity chemicals. Georgia Gulf announced that it failed to make interest payments on certain of its bonds that were due April 15.
ISDA will facilitate the process by publishing the auction terms on its website www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.