The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee (DC) voted on the question of whether a Failure to Pay Credit Event had occurred in respect of SEAT PAGINEGIALLE S.P.A. The relevant supermajority of DC members required for the question to be decided was not reached.
The DC Rules provide that where the DC does not reach a supermajority on a question raised to it, the question is to be referred to a panel of three independent experts who will decide the question. The same process was used in the case of Cemex S.A.B. de C.V. in November 2009.
ISDA will publish further information regarding the progress of this question on its website, www.isda.org/credit, in due course.
