REVISED 2009 CHEMTURA ENTITIES CDS PROTOCOL AND 2009 ROUSE CDS PROTOCOL

The Revised 2009 Chemtura Entities CDS Protocol relates to settlement issues concerning Chemtura Corporation ("Chemtura") and Great Lakes Chemical Corporation ("Great Lakes", and together with Chemtura, the "Chemtura Entities"), that filed voluntary petitions for relief under Chapter 11 of the US Bankruptcy Code on March 18, 2009. The 2009 Rouse CDS Protocol relates to settlement issues concerning The Rouse Company LP ("Rouse"), that was reported to have failed to pay more than $2 billion in debt on March 16.   Each of the Revised 2009 Chemtura Entities CDS Protocol and 2009 Rouse CDS Protocol are referred to as the “Protocol(s)”. 

The purpose of the Protocol(s) is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing a Chemtura Entity and Rouse (as appropriate). The Protocol(s) will offer institutions the ability to amend their documentation for various credit derivatives transactions in order to utilize an auction scheduled for:

  1. April 14 to determine the final price for certain Chemtura and Great Lakes obligations pursuant to the Revised 2009 Chemtura CDS Protocol;
  2. April 15 to determine the final price for certain Rouse obligations pursuant to the 2009 Rouse CDS Protocol

Markit Group Limited and Creditex Securities Corp. will administer each auction.

The Protocol(s) are open to ISDA members and non-members. The 2009 Rouse Protocol will be open between April 2, 2009 and April 9, 2009, and the Revised 2009 Chemtura Entities Protocol will be open between April 6, 2009 and April 9, 2009.

Please note that the Revised 2009 Chemtura Entities Protocol has replaced the 2009 Chemtura Entities Protocol that was previously published on this page. The change reflects an additional Deliverable Obligation that was added to the list of Deliverable Obligations for the Chemtura Corporation Auction. A blackline showing the changes is available below.