The International Swaps and Derivatives Association, Inc. (ISDA) announced that its EMEA Credit Derivatives Determinations Committee resolved that a bankruptcy credit event has occurred in respect of Truvo Subsidiary Corp., a Delaware corporation that is part of the Truvo Group, which publishes print and online directories. The Committee also voted to hold an auction for Truvo.
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.
