ISDA to Publish Auction Terms for Thomson
The International Swaps and Derivatives Association, Inc. (ISDA) today announced that three auctions will be held with respect to Thomson, a Paris-headquartered company that provides a range of communications products and services.
On August 12, ISDA's EMEA Credit Derivatives Determinations Committee resolved that a Restructuring Credit Event had occurred in respect of Thomson. 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'.
Auction Settlement Terms will be published for each of the following designated range of Scheduled Termination Dates:
· Up to 20 June 2012;
· 21 June 2012 – 23 October 2014; and
· 24 October 2014 onwards.
The final list of deliverable obligations for each designated range of Scheduled Termination Dates is available on the ISDA website, www.isda.org/credit. The auction date and terms will be published in due course. The auction will be administered by Markit and Creditex.
