May 15, 2012
ISDA Americas Credit Derivatives Determinations Committee: Residential Capital a Bankruptcy Credit Event
The International Swaps and Derivatives Association, Inc. (ISDA), today announced that its Americas Credit Derivatives Determinations Committee resolved that a Bankruptcy Credit Event occurred in respect of Residential Capital, LLC.
The Committee determined that an auction will be held in respect of outstanding CDS transactions. ISDA will publish further information regarding the auction on its website, www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.
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