The International Swaps and Derivatives Association, Inc. (ISDA) today announced that LCDX dealers voted to hold an auction for loan-only CDS transactions referencing HLI Operating Company, Inc. Hayes Lemmerz International, Inc., the US auto parts maker, and certain of its US subsidiaries filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code in the District of Delaware on May 11.
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.
