The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Americas Credit Derivatives Determinations Committee resolved that a bankruptcy credit event occurred in respect of CIT Group Inc., a provider of financing to small businesses and middle market companies. The Committee also voted to hold an auction for CIT.
On November 1, CIT Group Inc. filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The petitions were filed in the US Bankruptcy Court for the Southern District of New York.
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.
