The International Swaps and Derivatives Association, Inc. (ISDA) announced that its Americas Credit Derivatives Determinations Committee resolved that a bankruptcy credit event occurred in respect of Visteon Corporation, a global automotive supplier. The Committee also voted to hold an auction for Visteon.
On May 28, Visteon and certain of its US subsidiaries voluntarily filed petitions for relief under Chapter 11 of the US Bankruptcy Code. The petitions were filed in the US Bankruptcy Court for the District of Delaware.
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.