The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Americas Credit Derivatives Determinations Committee resolved that a failure to pay credit event occurred in respect of Lear Corporation, a global supplier of automotive seating systems, electrical distribution systems and electronic products. The Committee also voted to hold an auction for Lear Corporation.
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.