The International Swaps and Derivatives Association, Inc. (ISDA) announced today that its Americas Credit Derivatives Determinations Committee resolved that a bankruptcy credit event has occurred in respect of Ambac Financial Group, Inc., a holding company whose affiliates provided financial guarantees and financial services to clients in both the public and private sectors around the world.
An auction will be held for Ambac Financial Group. An auction was held on June 4, 2010 in respect of Ambac Assurance Corporation.
ISDA will publish the auction terms on its website www.isda.org/credit in due course. The auction will be administered by Markit and Creditex.
