October 19, 2009
ISDA to Publish LCDS Auction Terms for MGM
The International Swaps and Derivatives Association, Inc. (ISDA) today announced that LCDX dealers voted to hold an auction for loan-only CDS transactions referencing Metro-Goldwyn-Mayer Inc. (MGM), an independent, privately-held motion picture, television, home video, and theatrical production and distribution company. MGM was reported to have failed to make an interest payment on its senior secured loan that was due on September 30.
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.
