The International Swaps and Derivatives Association, Inc. (ISDA) announced today that its Japan Credit Derivatives Determinations Committee resolved that a bankruptcy credit event has occurred in respect of Japan Airlines Corporation (JAL). The Committee also voted to hold an auction for JAL.
The Japan Credit Derivatives Determinations Committee separately voted that a bankruptcy credit event occurred with respect to Japan Airlines International Company Limited but that no auction would be held for CDS referencing this entity.
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.
