The International Swaps and Derivatives Association, Inc. (ISDA) announced today that its EMEA Credit Derivatives Determinations Committee resolved that a bankruptcy credit event occurred in respect of Thomson, a Paris-headquartered company that provides a range of communications products and services. The Committee also voted to hold an auction for Thomson.
On November 30, Thomson announced it had requested and obtained the opening of a ‘sauvegarde’ proceeding in the Tribunal de Commerce de Nanterre. Auctions were held on October 22, 2009 in respect of Thomson as a result of a Restructuring credit event.
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.
