The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a Restructuring Credit Event occurred in respect of Thomson, a Paris-headquartered company that provides a range of communications products and services.
The Thomson Restructuring is the first Restructuring Credit Event that will be settled under the terms of the Restructuring Supplement, published by ISDA on July 27 and implemented via the ‘Small Bang Protocol’. The Committee determined today that one or more auctions may be held in respect of outstanding CDS transactions of varying maturity ‘buckets’.
ISDA will publish the initial list of deliverable obligations for each maturity bucket on its website, www.isda.org/credit, in due course.