| 2012011901 | UBS AG | 2/7/2012 | Eastman Kodak Company | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Eastman Kodak Company? | Credit Event | http://investor.kodak.com/phoenix.zhtml?c=115911&p=irol-newsArticle&ID=1650196&highlight= | Supplemental List Published | Question Decided | More Info |
| 2011121501 | UBS AG | 1/30/2012 | Northern Rock (Asset Management) plc | European Corporate | Has a Restructuring Credit Event occurred with respect to Northern Rock (Asset Management) plc? | Credit Event | http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary-via-tidm.html?tidm=85HX | List of Participating Bidders Published | Question Decided | More Info |
| 2011110801 | Credit Suisse | 1/3/2012 | Dynegy Holdings, LLC | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Dynegy Holdings, LLC (formerly known as Dynegy Holdings Inc.)? | Credit Event | See 8-K: http://www.sec.gov/Archives/edgar/data/1105055/000110465911061791/a11-29461_18k.htm | Closed | Question Decided | More Info |
| 2011112301 | UBS AG | 1/3/2012 | The PMI Group, Inc. | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to The PMI Group, Inc.? | Credit Event | Copy of bankruptcy filing attached. | Closed | Question Decided | More Info |
| 2011112901 | UBS AG | 1/3/2012 | AMR Corporation | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to AMR Corporation? | Credit Event | See attached Chapter 11 filing. | Closed | Question Decided | More Info |
| 2011121901 | General Interest Question | 12/23/2011 | Sino-Forest Corporation | Asia Corporate | Has a Failure to Pay Credit Event occurred with respect to Sino-Forest Corporation? | Credit Event | QUOTE
(1) http://www.ft.com/cms/s/0/bda6b1ce-2798-11e1-864f-00144feabdc0.html#ixzz1gxwbHvNX
Sino-Forest debt deadline looms
By Robert Cookson in Hong Kong
Sino-Forest, the Chinese forestry company, missed a deadline to file its quarterly results and make an interest payment on its $1.8bn of bonds, setting the stage for the biggest corporate default in the history of the Asian bond market.
The scandal-plagued company has just 30 days to make the $10m payment and file the results, which were both due on Thursday, before bondholders gain the right to force it into bankruptcy. The company is unlikely to meet the time limit, according to people familiar with the matter.
On Friday, Sino-Forest’s four bonds, due in 2013, 2014, 2016 and 2017, were all trading at 25 cents on the dollar, down from 100 cents at the start of the year.
Shareholders in the Toronto-listed company expressed frustration at the prospect of their equity being wiped out in a liquidation.
Richard Chandler, the New Zealand billionaire, called for Sino-Forest’s chief executive and board to resign. Mr Chandler acquired an 18 per cent equity stake in Sino-Forest in August, two months after Muddy Waters, the US short selling group, accused the company of “stratospheric fraud”, and just weeks before Canadian regulators suspended trading in its shares.
Sino-Forest has denied the allegations, saying it is not a “near total fraud” nor a “Ponzi scheme”. Last month it issued a report that it said disproved the substance of the allegations it faced.
(2) http://www.reuters.com/article/2011/12/19/us-sinoforest-idUSTRE7BI05420111219?type=companyNews
Default notices spur strategic review at Sino-Forest
By Euan Rocha
TORONTO | Mon Dec 19, 2011 12:20am EST
TORONTO (Reuters) - Sino-Forest (TRE.TO), a China-focused forestry company accused of fraud, said it received notices of default from its noteholders and set up a committee to look at options for the company that could include its sale.
Until recently the largest forestry stock listed on the Toronto Stock Exchange, Sino-Forest warned last week it would not be able to file its quarterly results on time as an internal probe into fraud allegations is taking longer than anticipated.
Sino-Forest has been reeling since June, when short seller Carson Block and his Muddy Waters firm accused it of exaggerating the extent of its Chinese assets. Sino-Forest has said a preliminary investigation by its independent directors showed no evidence of fraud.
It is the most prominent of the Chinese companies listed in North America whose shares were either suspended or delisted this year amid suspicions about their business practices and Chinese regulatory safeguards.
Sino-Forest said its board decided not to make a $10 million interest payment that was due to noteholders on December 15.
Singapore-based Richard Chandler Corp, Sino-Forest's largest shareholder, last week demanded a board shake-up at the firm, slamming the "excessive time and money" spent on the probe and questioning the board's decision to delay its results. Chandler's fund stands to lose at least C$140 million and possibly more, if Sino becomes insolvent.
Regulators have put a cease-trade order on Sino-Forest's shares, pending the completion of an investigation into the company. The shares had fallen more than 75 percent this year, before being halted by regulators in late-August.
WAIVER HOPES
The company and its advisers met last Wednesday with an ad hoc committee of noteholders and their legal counsel. Sino-Forest said all parties expressed "a willingness to work cooperatively with the company in an effort to preserve value for the benefit of stakeholders."
However, it cautioned that it cannot independently verify the holdings of those who attended or were represented at the meeting. It said the notices of default it received were not initiated or supported by noteholders attending the meeting.
The company said it was talking to noteholders in the hope of securing a waiver, in relation to its failure to file its financial results, but it cautioned there was no guarantee the default notices would be withdrawn or waivers obtained.
If the default notices are not withdrawn and the waivers not obtained within a 30-day period, and if Sino-Forest does not file its results in that time, a default will have occurred under each series of its senior notes, the company said - allowing noteholders to demand the company repay the principal and any unpaid interest due on the notes.
Sino-Forest said the total principal owing under the four series of outstanding senior and convertible notes is about $1.8 billion. It also has loan facilities in China of $70.5 million.
Last week, Moody's withdrew all its ratings on Sino-Forest, arguing it had insufficient information to maintain them.
Sino-Forest said it established a special restructuring committee made up of independent directors to supervise, analyze and manage a review of the strategic options available. These may include recapitalization, or the sale of some or all of its businesses and assets. The committee will also consider creditor protection or other insolvency-related proceedings.
(Reporting By Euan Rocha; Editing by Matt Driskill and Ian Geoghegan
(3) http://www.sinoforest.com/Uploads/2011_Dec_12_SF-Press_Release.pdf
UNQUOTE | Closed | Question Rejected | More Info |
| 2011120101 | General Interest Question | 12/10/2011 | SEAT PAGINEGIALLE S.P.A. | European Corporate | Has a Failure to Pay Credit Event occurred with respect to SEAT PAGINEGIALLE S.P.A.? | Credit Event | The Failure to Pay in question was a failure by the Reference Entity to pay amounts due on, we understand, 27 October 2011 but in any event no later that 31 October 2011 under the loan agreement (the "Loan Agreement"), dated 22 April 2004, between the Reference Entity and Lighthouse International Company S.A. ("LIC"). The failure to pay has continued for 30 days, being the Grace Period applicable to the 8% Senior Notes due 2014 issued by LIC, the interest on which was to be paid with the amounts payable under the Loan Agreement, and thus the longest possible Grace Period applicable to the payments due under the Loan Agreement, as evidenced by the following press releases:
From the Reference Entity:
http://www.seat.it/seat/download_galleries/press/comunicati_2011/29_11_11_Cos_Seat_en_def.pdf
From LIC:
http://www.lic-sa.com/LH_PressRelease_3011.pdf
A copy of the Loan Agreement has been made available to ISDA.
| Closed | Question Decided | More Info |
| 2011120102 | General Interest Question | 12/1/2011 | SEAT PAGINEGIALLE S.P.A. | European Corporate | Has a Failure to Pay Credit Event occurred with respect to SEAT PAGINEGIALLE S.P.A.? | Credit Event | The coupon on the 8% Senior Notes 2014 issued by Lighthouse International Company S.A. (the "Notes") and guaranteed by the Reference Entity was due on 31 October 2011 subject to a 30 day grace period. That grace period expired on 30 November 2011 and the Reference Entity has now confirmed that payment will not be made. Accordingly, we believe that a Failure to Pay Credit Event has occurred in relation to the Reference Entity as guarantor of the Notes and we would ask the DC to make a determination.
A link to the Reference Entity's press release is attached below:
http://www.seat.it/seat/en/press/press_releases/2011/financial/COS_291111_EN.html
| Closed | Question Dismissed | More Info |
| 2011111401 | General Interest Question | 12/1/2011 | SEAT PAGINEGIALLE S.P.A. | European Corporate | Has a Failure to Pay Credit Event occurred with respect to SEAT PAGINEGIALLE S.P.A.? | Credit Event | The Failure to Pay in question was a failure by the Reference Entity to pay amounts due on, we understand, 27 October 2011 but in any event no later than 31 October 2011 under the loan agreement (the "Loan Agreement"), dated 22 April 2004, between the Reference Entity and Lighthouse International Company S.A. ("LIC"), as evidenced by the following Press Releases issued by LIC:
http://www.lic-sa.com/LIC04112011.pdf
and by SEAT:
http://www.seat.it/seat/download_galleries/press/comunicati_2011/09112011_Cos_Seat_eng_def.pdf (see page 8)
http://www.seat.it/seat/download_galleries/press/comunicati_2011/27_10_2011_Seat_Press_Release_English.pdf (see page 2)
A copy of the Loan Agreement is available on request from Jean-Jacques Kinnen (e-mail: jean-jacques.kinnen@dexia.com, Direct Telephone: +352 45903550) of Dexia Banque Internationale a Luxembourg, the listing agent and paying agent of the €1,300,000,000 8% Senior Notes due 2014 issued by LIC.
| Closed | Question Dismissed | More Info |
| 2011082501 | Barclays Bank PLC | 11/10/2011 | Victor Company of Japan, Limited | Japan Corporate | Has a Restructuring Credit Event occurred with respect to Victor Company of Japan, Limited? | Credit Event | Question: Has a Restructuring Credit Event occurred with respect to Victor Company of Japan, Limited?
On August 8, 2011, JVC KENWOOD Corporation (“JVC KENWOOD”) announced that, by the resolution of the bondholder’s meeting held on August 8, 2011(the “Resolution”), in relation to the No. 7 Unsecured Bond (the “Bond”) issued in August 2007 by its subsidiary, Victor Company of Japan, Limited (“JVC”), the modification of the Terms and Conditions of the Bond (the “Term Modification”) was approved. The Term Modification includes the extension of the Bond’s maturity date by one year for 50 per cent of the remaining principal balance of the Bond (JPY 6.0 billion) and by three years for the remaining 50 per cent (JPY 6.0 billion). According to the Notice of Bondholders Meeting on Term Modification (Extension of Due Date, etc.) of Subsidiary’s No. 7 Unsecured Bond, and Shelf Registration For Issue of Stock Acquisition Rights In Relation To Term Modification dated July 15, 2011 (the “Notice”), one of the reasons for implementing the Term Modification is that “JVC KENWOOD and its subsidiary Kenwood Corporation have not acquired any rating, while the rating on JVC has decreased compared with the time when JVC issued the unsecured bonds in August 2007, and hence, it is difficult to issue new bonds at the moment”. The Resolution was approved by the Yokohama District Court on August 12, 2011. The Term Modification became effective on August 25, 2011 upon the satisfaction of the condition that JVC KENWOOD had not resolved to cancel the issuance of stock acquisition rights that JVC KENWOOD resolved to issue to the holders of the Bond on August 1, 2011.
Publicly Available Information:
http://www.tse.or.jp/disc/66320/140120110715082397.pdf
http://www.tse.or.jp/disc/66320/140120110808099510.pdf
http://www.tse.or.jp/disc/66320/140120110812002819.pdf
http://www.tse.or.jp/disc/66320/140120110824005953.pdf
English translations of the above announcements:
http://www.jvckenwood.co.jp/en/press/2011/08/press_110808_02.pdf
http://www.jvckenwood.co.jp/en/press/2011/07/press_110715_02.pdf
http://www.jvckenwood.co.jp/en/press/2011/08/press_110812.pdf
http://www.jvckenwood.co.jp/en/press/2011/08/press_110825.pdf | Closed | Question Decided | More Info |
| 2011082402 | General Interest Question | 10/6/2011 | Irish Life & Permanent plc - August Restructuring | European Corporate | Has a Restructuring Credit Event occurred with respect to Irish Life & Permanent plc? | Credit Event | Link to company website: http://otp.investis.com/clients/uk/irish/rns/regulatory-story.aspx?cid=121&newsid=216963 | Closed | Question Decided | More Info |
| 2011082601 | Aurelius Capital Management, LP | 9/9/2011 | Texas Competitive Electric Holdings Company LLC | Standard North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Texas Competitive Electric Holdings Company LLC? | Credit Event | PDF Document
This request relates to transactions subject to the decisions of the Credit Derivatives Determinations Committee (the “Committee”), including Standard North American Corporate CDS and bullet LCDS contracts, for which the Reference Entity is Texas Competitive Electric Holdings Company LLC (“TCEH”). We are requesting the Committee to answer two questions:
Question 1: Has a Bankruptcy Credit Event under Section 4.2(b) occurred by virtue of TCEH’s insolvency?
Question 2: Did such Credit Event occur on or after the Credit Event Backstop Date?
We believe the answer to both of these questions is resoundingly “yes.”
We believe the answer to Question 2 cannot be “no” unless the Committee reaches one of the following conclusions:
(x) TCEH is not insolvent (so the answer to Question 1 is “no”). In this event, it would be important for the Committee to report that determination, so market participants will know that this request was premature and can be re-raised at a later date if the circumstances so warrant.
(y) TCEH is insolvent, but the associated Credit Event is for some reason determined not to have occurred on or after the Credit Event Backstop Date. In this event we hereby request the Committee to report the date on which that Credit Event occurred, so market participants will learn to assert insolvency at a point in time that might otherwise appear premature to responsible market participants (as it did to us in the present instance).
Because our submission to the Committee contains tables and graphs that would not format correctly in this web-based form, we are (in accordance with our discussions with ISDA staff) sending our submission to the ISDA Secretary for further distribution to the Committee and for dissemination to the public.
We wish to ensure that our request is not misconstrued when it reaches the public domain. Nothing herein asserts a claim against, alleges a default by, or seeks any remedy from TCEH. Rather, we seek a determination that holders of TCEH credit protection are now entitled to realize the benefits of that protection as against sellers of that protection. Accordingly, TCEH should have no interest in this matter, and we would not expect TCEH to respond to or otherwise involve itself in this request. If TCEH (or an affiliate) nonetheless involves itself in the Committee’s consideration of this request, we would request the opportunity to review and respond to its submission and ask reasonable questions of its knowledgeable representatives.
| Closed | Question Decided | More Info |
| 2011090701 | Barclays Capital | 9/9/2011 | NewPage Corporation | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to NewPage Corporation? | Credit Event | This entity is a constituent of several LCDX indices.
Bankruptcy Petition:
http://www.kccllc.net/documents/8818400/8818400110907000000000001.pdf
Press Release:
http://investors.newpagecorp.com/index.php?s=43&item=202 | Closed | Question Decided | More Info |
| 2011080502 | General Interest Question | 8/22/2011 | Caja de Ahorros del Mediterraneo | European Corporate | Has a Bankruptcy Credit Event occurred with respect to Caja de Ahorros del Mediterraneo? | Credit Event | On or about the 22nd of July 2011, the Bank of Spain, using powers under Title III of Law 26/1988 on the Discipline and Intervention of Credit Institutions, appointed the Restructuring Fund Banking Ordinance (FROB) as interim Administrator of Caja de Ahorros del Mediterraneo.
The question for consideration by the ISDA Determinations Committee is whether or not the circumstances of this appointment constituted a Bankruptcy Credit Event?
http://www.cnmv.es/Portal/HR/ResultadoBusquedaHR.aspx?nif=A86101375&division=1&ihr=2
(Document 148210 - 3rd down)
http://www.isda.org/uploadfiles/_docs/Caja_Mediterraneo.pdf
| Closed | Question Decided | More Info |
| 2011070801 | General Interest Question | 8/1/2011 | The Governor and Company of the Bank of Ireland | European Corporate | Has a Restructuring Credit Event occurred with respect to The Governor and Company of the Bank of Ireland? | Credit Event | http://www.bankofireland.com/about-boi-group/investor-relations/releases-and-presentations/stock-exchange-releases/
http://www.bankofireland.com/fs/doc/wysiwyg/Exchange%20Offers%20and%20Consent%20Solicitations%2008%20June%202011(2).pdf | Closed | Question Decided | More Info |
| 2011070402 | General Interest Question | 8/1/2011 | Irish Life & Permanent plc | European Corporate | Has a Restructuring Credit Event occurred with respect to Irish Life & Permanent plc? | Credit Event | http://www.irishlifepermanent.ie/investor-relations/regulatory-announcements.aspx
| Closed | Question Decided | More Info |
| 2011062001 | General Interest Question | 6/30/2011 | Allied Irish Banks plc | European Corporate | Has a Failure to Pay Credit Event occurred with respect to Allied Irish Banks plc? | Credit Event | See more on aib.ie site | Closed | Question Decided | More Info |
| 2011060901 | General Interest Question | 6/21/2011 | Allied Irish Banks plc | European Corporate | Has a Restructuring Credit Event occurred with respect to Allied Irish Banks plc? | Credit Event | See more on londonstockexchange.com site | Closed | Question Decided | More Info |
| 2011052001 | Societe Generale | 6/1/2011 | NTC S.A. (formerly Angel Lux Common S.A.) | European Corporate | Has a Bankruptcy Credit Event occurred with respect to NTC S.A. (formerly Angel Lux Common S.A.)? | Credit Event | The Reference Entity was incorporated under Luxembourg law. On 11 May 2011 the Reference Entity passed a resolution to close its voluntary liquidation, and submitted this to the Registre de Commerce et des Sociétés of Luxembourg. The Registre de Commerce et des Sociétés published the dépôt de radiation of the Reference Entity on 16 May 2011. The resolution is available on its website http://www.rcsl.lu. More specifically we therefore wish to ask whether by virtue of the above events a Bankruptcy Credit Event under Section 4.2(a) or Section 4.2(h) (by reference to Section 4.2(a)) of the 2003 ISDA Credit Derivatives Definitions has occurred with respect to the Reference Entity. In this regard, we understand that the legal personality which a Luxembourg company has under Luxembourg law in order to complete its voluntary liquidation ceases to exist when the liquidation is closed. | Closed | Question Decided | More Info |
| 2011042901 | Citigroup Global Markets Limited | 5/6/2011 | Cranes Software International Limited | Asia Corporate | Has a Failure to Pay Credit Event occurred with respect to Cranes Software International Limited? | Credit Event | The Reference Entity has failed to respond to an acceleration notice from the Bank of New York Mellon, in its capacity as trustee for the EUR 42,000,000 2.50% Convertible Bonds due 2011 issued by the Reference Entity (ISIN: XS0244289152) that the Reference Entity's payment obligations under these bonds were immediately due and payable.
http://www.isda.org/uploadfiles/_docs/Cranes_PAI.PDF
| Closed | Question Decided | More Info |
| 2011042602 | UBS Limited | 4/26/2011 | Allied Irish Banks, plc | European Corporate | Has a Restructuring Credit Event occurred with respect to Allied Irish Banks, plc? | Credit Event | Link to AIB press release | Question Withdrawn | Question Withdrawn | More Info |
| 2009110201 | UBS AG | 3/24/2011 | CIT Group Inc. | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to CIT Group Inc.? | Credit Event | Link to press release announcing chapter 11 filing
Link to chapter 11 filing | Closed | Question Decided | More Info |
| 2011031101 | General Interest Question | 3/15/2011 | Republic of Ireland | Western European Sovereign | Has a Restructuring Credit Event occurred with respect to Republic of Ireland? | Credit Event | See Link
http://www.isda.org/uploadfiles/_docs/IssueNo2011031101_Republic_of_Ireland.pdf
| Closed | Question Decided | More Info |
| 2010122201 | General Interest Question | 2/8/2011 | Anglo Irish Bank Corporation Limited Credit Event – December Restructuring | European Corporate | Has a Restructuring Credit Event occurred with respect to Anglo Irish Bank Corporation Limited? | Credit Event | http://www.angloirishbank.com/Media-Centre/Press_Release_HTML/Results_Announcement.pdf | Closed | Question Decided | More Info |
| 2011020201 | General Interest Question | 2/4/2011 | Sbarro Inc | North American Corporate | Has a Failure to Pay Credit Event occurred with respect to Sbarro Inc? | Credit Event | Sbarro has gone into forbearance but not before it failed to pay it's bond obligations. We think this should trigger a failure to pay. thanks
http://online.wsj.com/article/SB10001424052748704458204576074214100579944.html
http://www.reuters.com/article/2011/01/06/sbarro-idUSN0615165620110106?feedType=RSS&feedName=marketsNews | Closed | Question Dismissed | More Info |
| 2010122801 | Citi | 12/29/2010 | Pathmark Stores, Inc. | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Pathmark Stores, Inc.? | Credit Event | On December 12, 2010, a Credit Event occurred with respect to Pathmark Stores, Inc., when it filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. Such action constituted a Credit Event under the definition of Bankruptcy.
Link (see Schedule 2): http://amlawdaily.typepad.com/files/ap-ch-11-filing.pdf
| Closed | Question Decided | More Info |
| 2010121401 | General Interest Question | 12/16/2010 | The Great Atlantic & Pacific Tea Company, Inc. | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to The Great Atlantic & Pacific Tea Company, Inc.? | Credit Event | http://www.bloomberg.com/news/2010-12-14/vitro-broadstripe-point-blank-centaur-banning-bankruptcy.html
http://www.aptea.com/pressRoom_article.asp?id=216
| Closed | Question Decided | More Info |
| 2010112301 | General Interest Question | 12/13/2010 | Anglo Irish Bank Corporation Limited | European Corporate | Has a Restructuring Credit Event occurred with respect to Anglo Irish Bank Corporation Limited? | Credit Event | http://www.angloirishbank.com/Media-Centre/Press_Release_HTML/Results_of_Meeting_2017_Notes_Meeting_XS0305277807.pdf | Closed | Question Decided | More Info |
| 2010110901 | UBS AG | 12/10/2010 | Ambac Financial Group, Inc. | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Ambac Financial Group, Inc.? | Credit Event | http://ir.ambac.com/phoenix.zhtml?c=80774&p=irol-newsArticle&ID=1493605&highlight= | Closed | Question Decided | More Info |
| 2010092801 | General Interest Question | 10/28/2010 | Takefuji Corporation | Japan Corporate | Has a Bankruptcy Credit Event occurred with respect to Takefuji Corporation? | Credit Event | http://www.takefuji.co.jp/corp/nwrs/detail/100928_1.pdf | Closed | Question Decided | More Info |
| 2010092301 | Barclays Capital Inc. | 9/30/2010 | Blockbuster Inc. | Standard North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Blockbuster Inc.? | Credit Event | http://blockbuster.mediaroom.com/index.php?s=119&item=929
http://www.kccllc.net/documents/1014997/1014997100923000000000001.pdf
http://www.bloomberg.com/news/2010-09-23/blockbuster-video-rental-chain-files-for-bankruptcy-protection.html | Closed | Question Decided | More Info |
| 2010081901 | Barclays Capital Inc. | 8/23/2010 | Boston Generating LLC | Standard North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Boston Generating LLC? | Credit Event | Link 1
Link 2
Boston Generating LLC is an index constituent of LCDX 14. | Closed | Question Decided | More Info |
| 2010070101 | UBS | 7/12/2010 | Truvo Subsidiary Corp. | European Corporate | Has a Bankruptcy Credit Event occurred with respect to Truvo Subsidiary Corp.? | Credit Event | http://www.bloomberg.com/news/2010-07-01/truvo-usa-files-for-chapter-11-protection-in-bankruptcy-court-in-new-york.html
http://in.reuters.com/article/idINSGE6600FY20100701
Truvo Subsidiary Bankruptcy Filing | Closed | Question Decided | More Info |
| 2010032501 | UBS AG | 6/1/2010 | Ambac Assurance Corporation | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Ambac Assurance Corporation? | Credit Event | http://www.ambacpolicyholders.com/ | Closed | Question Decided | More Info |
| 2010011901 | UBS AG | 4/22/2010 | Japan Airlines Corporation | Japan Corporate | Has a Bankruptcy Credit Event occurred with respect to Japan Airlines Corporation? | Credit Event | Japan Airlines Corporation filed a petition for corporate reorganization with the Tokyo District Court.
Link to JAL press release | Closed | Question Decided | More Info |
| 2009122402 | UBS | 3/30/2010 | AIFUL Corporation | Japan Corporate | Has a Restructuring Credit Event occurred with respect to AIFUL Corporation? | Credit Event | Due to its financial difficulties, AIFUL Corporation ("Aiful") filed for the Business Revitalisation ADR process on 24 September 2009 with a view to revitalising their business with financial support and co-operation from the creditors participating in the Business Revitalisation ADR through modification to repayment schedules for loan obligations held by such creditors and other measures. At the final meeting on 24 December 2009, Aiful, upon receiving the unanimous consent of the participating creditors, agreed that the maturity dates for the principal of the loan obligations held by such participating creditors have been deferred, and the repayment schedules have been changed, the main content of which will be to maintain the balance until September 29, 2010 and make payments on September 30, 2010, June 10, 2011, June 10, 2012, June 10, 2013 and June 10, 2014 with Yen 10,000 million being the aggregate repayment amount for the payment on September 30, 2010 and Yen 16,500 million being the aggregate repayment amount on each of the other payment dates. This restructuring of the loans shall bind all creditors participating in the Business Revitalisation ADR and the aggregate principal amount of the restructured loans is JPY195,200 million as of 24 December.
Publicly Available Information: press release: http://www.ir-aiful.com/english/index.cfm | Closed | Question Decided | More Info |
| 2010022201 | Goldman Sachs | 2/24/2010 | Willcom, Inc. | Japan Corporate | Has a Bankruptcy Credit Event occurred with respect to Willcom, Inc.? | Credit Event | Willcom, Inc. filed a petition for the commencement of corporate reorganization proceedings with the Tokyo District Court on February 18, 2010. Link to the Japanese language press release issued by Willcom, Inc.
Kyocera Corporation, a major shareholder of Willcom, Inc., filed a Form 6-K dated February 18, 2010, with the U.S. Securities and Exchange Commission in which Willcom Inc.'s filing for corporate reorganization proceedings is mentioned. Link to the Form 6-K
| Closed | Question Decided | More Info |
| 2010021601 | Citibank, N.A. | 2/19/2010 | FGIC Corporation | North American Corporate | Has a Failure to Pay Credit Event occurred with respect to FGIC Corporation? | Credit Event | The Reference Entity failed to make a payment of interest due and payable on its senior unsecured 6% Senior Notes due 2034 (Cusip Number 302915AA1) on January 15, 2010 in an aggregate amount of not less than the Payment Requirement. The 30-day grace period for such payment expired on February 15, 2010.
LINK TO TRUSTEE NOTICE OF DEFAULT TO HOLDERS: Click here. | Closed | Question Decided | More Info |
| 2009100901 | General Interest Question | 2/19/2010 | Cemex S.A.B. de C.V. | Latin America Corporate BL | Has a Restructuring Credit Event occurred with respect to Cemex S.A.B. de C.V.? | Credit Event | On August 14, 2009, Cemex S.A.B. de C.V. ("Cemex") entered into a financing agreement (the "Agreement") to, among other things, defer the date for the payment of principal of U.S.$15.0 billion in bank and private placement obligations [See Prospectus, S-84-86, among other pages; Bloomberg screen shots; Press Conference Call Transcript]. 100% of creditors whose bank debt was subject to the Agreement consented to the Agreement [See Investors Presentation on August 17, 2009, Lorenzo H Zambano Chairman & CEO Presentation, slide 2] and no more than 1.0bn of other bank debt was excluded from the Agreement [see Id. Hector Medina Executive VP, Finance & Legal Presentation, slide 8 (slide 19 overall)]. The borrowings under U.S.$1.2bn Credit Agreement (the "Credit Agreement") dated as of May 31, 2005 [See Credit Agreement and Amendments as included in 20-F filed with SEC on June 30, 2009, June 29, 2007and June 8, 2006, Ex. 4.9] were subject to the Agreement since all Cemex’s credit facilities were fully drawn as of June 30, 2009 [See 20-F filed with SEC on June 30, 2009, p.108], and the Agreement was agreed between Cemex and all lenders in a form that bound all lenders under the Credit Agreement, which at the time of such Agreement comprised of more than three lenders who were not affiliates of each other [See Amendment to Conditional Waiver and Extension Agreement dated as of June 29, 2009, Annex 3; Fifth Amendment to the Credit Agreement dated as of January 22, 2009, signature pages]. Please see Transcript for reference to financial condition.
Attachments:
Credit Agreement and Amendments (1-5) [extracted from various 20-F filings]
Conditional Waiver and Extension Agreement [extracted from 20-F filing]
Bloomberg screen shots of the Credit Agreement
CEMEX presentation [publicly available on Company's website for limited period]
Bloomberg Transcript of CEMEX Press Conference
Links:
Prospectus
20F filed on June 30, 2009 (includes the Credit Agreement)
Amendment No_1 to Conditional Waiver and Extension Agreement:
http://www.isda.org/dc/docs/Amendment No_1 to Conditional Waiver and Extension Agreement.mht
Credit Agreement:
http://www.isda.org/dc/docs/Credit Agreement.txt
Amendment Number 1:
http://www.isda.org/dc/docs/Amendment No_1.htm
Amendment Number 2:
http://www.isda.org/dc/docs/Amendment No_2.htm
Amendment Number 3:
http://www.isda.org/dc/docs/Amendment No_3.htm
Amendment Number 4:
http://www.isda.org/dc/docs/Amendment_No_ 4_to_1200000000 Term_Credit_Agreement.mht
Amendment Number 5:
http://www.isda.org/dc/docs/Amendment_No_ 5_to_1200000000_Term_Credit_Agreement.mht
Screen 1:
http://www.isda.org/dc/docs/sg2009100932619.gif
Screen 2:
http://www.isda.org/dc/docs/sg2009100932686.gif
Cemex Refinancing Plan Teleconference Transcript:
http://www.isda.org/dc/docs/Cemex M.MHT
Cemex Refinancing Plan Presentation:
http://www.isda.org/dc/docs/090817_CX_financing_plan_ppt[1].pdf
| Closed | Question Decided | More Info |
| 2010012001 | Goldman Sachs | 1/21/2010 | Japan Airlines International Co., Ltd. | Japan Corporate | Has a Bankruptcy Credit Event occurred with respect to Japan Airlines International Co., Ltd.? | Credit Event | Japan Airlines International Co., Ltd. filed a petition for the commencement of corporate reorganization proceedings with the Tokyo District Court on January 19, 2010.
Link to press release: http://www.jal.com/en/ir/finance/pdf/10019.pdf
| Closed | Question Decided | More Info |
| 2010010501 | Bank of America / Merrill Lynch | 1/7/2010 | The Griffin Coal Mining Company Pty Ltd | Australia Corporate | Has a Bankruptcy Credit Event occurred with respect to The Griffin Coal Mining Company Pty Ltd? | Credit Event | As a result of ongoing financial difficulties, The Griffin Coal Mining Company Pty Ltd appointed KordaMentha as Administrators on 3 January 2010 pursuant to Section 436A of the Corporations Act of Australia.
Links to Publicly Available Information:
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=abp0svoovzNI
http://www.afr.com/p/business/companies/griffin_coal_placed_in_administration_MbaP6OtLH35b0xcvw20S9H?hl | Closed | Question Decided | More Info |
| 2009120201 | General Interest Question | 1/5/2010 | Financial Guaranty Insurance Company | North American Corporate | Has a Failure to Pay Credit Event occurred with respect to Financial Guaranty Insurance Company? | Credit Event | Link to Financial Guarantee Insurance Company press release announcing payment suspension
Link to NYID Section 1310 notice
Link to the November 2009 trustee report for the Residential Mortgage Securities II, Inc. 2005-HS2 (class AII)
Link to the November 2009 trustee report for the CWHEQ Home Equity Loan Trust, Series 2006-S3
| Closed | Question Decided | More Info |
| 2009100601 | UBS AG | 12/23/2009 | NJSC Naftogaz of Ukraine | Emerging European Corporate LPN | Has a Failure to Pay Credit Event occurred with respect to NJSC Naftogaz of Ukraine? | Credit Event | On 24 September 2009, NJSC Naftogaz announced the terms of a planned exchange offer for its $500 million 8.125% Loan Participation Notes due 30 September 2009. The a meeting of holders to vote on the exchange offer is scheduled for 19 October.
On 1 October 2009, Naftogaz issued a press release stating that the company made the scheduled interest payment for its 8.125% notes on 30 September. In addition, the company stated that "the principal on the Eurobonds remains subject to a consent to exchange 100% of the bonds for new US dollar-denominated bonds with a 9.5% coupon and a maturity of September 2014, and which will benefit from an irrevocable and unconditional sovereign guarantee from the Government of Ukraine."
The 8.125% LPNs do not allow for a grace period on principal repayments. As such, the grace period expired on 5 October 2009.
Link to exchange offer announcement
Link to Markit LPN for Naftogaz
Link to announcement regarding missed principal repayment
| Closed | Question Decided | More Info |
| 2009120102 | General Interest Question | 12/23/2009 | Thomson | European Corporate | Has a Bankruptcy Credit Event occurred with respect to Thomson? | Credit Event | On 30 November 2009 Thomson requested and obtained the opening of a "sauvegarde" proceeding in the Tribunal de Commerce de Nanterre, constituting a Bankruptcy under one or more of the subsections of Section 4.2 of the Credit Derivatives Definitions, in particular 4.2(d) and/or (f). PAI is available in the form of a press release on the Thomson website | Closed | Question Decided | More Info |
| 2009111801 | Citi | 12/23/2009 | Hellas Telecom (Luxembourg) II | European Corporate | Has a Bankruptcy Credit Event occurred with respect to Hellas Telecommunications (Luxembourg) II? | Credit Event | http://www.wind.com.gr/ConDows/00002209_Hellas_II_announcement.pdf | Closed | Question Decided | More Info |
| 2009120701 | General Interest Question | 12/21/2009 | Temirbank | Emerging European Corporate | Has a Failure to Pay Credit Event occurred with respect to Temirbank? | Credit Event | Please see excerpt from Temirbank website:
The worsening financial position of JSC Temirbank led to JSC Temirbank defaulting on Friday 6th November 2009 on the payment of KZT 5,8 bln (including interest and principal amount), as well as on Monday 9th November 2009 on the payment of KZT 1.9 bln due to its major shareholder JSC BTA Bank under deposit agreements between JSC Temirbank and JSC BTA Bank and will mean that Temir Capital B.V. will not be able to pay (i) the US$23.6 mln of interest due on 23rd November 2009 on the senior notes issued pursuant to its US$1,200,000,000 Global Medium Term Notes Issuance Programme (the "MTN Notes") or (ii) the US$12.6 mln of interest due on the 24th November 2009 on the US$300,000,000 9 per cent Senior Notes due 2011 (the "Standalone Notes").
No payments of interest (including default interest) or any principal due in relation to the debt that is to be restructured will be made from today's date. Interest accruing between today's date and the restructuring date will be part of the restructuring.
Please see details of the Failure to Pay from a press release on the Temirbank website.
http://en.temirbank.kz/ennews/2009/11/23/ennews_129.html | Closed | Question Decided | More Info |
| 2009112301 | Assenagon Asset Management S.A. | 12/2/2009 | Hellas Telecom (Luxemburg) II | European Corporate | Has a Failure to Pay Credit Event occurred with respect to Hellas Telecommunication (Luxemburg) II? | Credit Event | Is the relevant date of the Credit Event (Failure to pay!) Nov. 15th, 2009? According to http://www.wind.com.gr/ConDows/00002209_Hellas_II_announcement.pdf the grace period ended on that day! | Closed | Question Rejected | More Info |
| 2009060102 | Citibank, N.A. | 10/27/2009 | General Motors Corporation | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to General Motors Corporation? | Credit Event | Citi has submitted to ISDA the Chapter 11 Voluntary Petition of the Reference Entity as background for the determination of the question. | Closed | Question Decided | More Info |
| 2009051503 | Wachovia | 10/27/2009 | R. H. Donnelley Corp | North American Corporate | Has a Failure to Pay Credit Event occurred with respect to R. H. Donnelley Corp? | Credit Event | R.H. Donnelley Secures Forbearance Agreements From Its Bondholders and Bank
Lenders; Elects to Exercise Grace Periods for Pending Interest Payments
PR Newswire
CARY, N.C., May 14
- Company enters into forbearance agreements relating to interest payment
default on one series of senior unsecured notes and exercises grace
periods for pending interest payments on four series of subsidiary notes
CARY, N.C., May 14 /PRNewswire-FirstCall/ -- R.H. Donnelley, one of the
nation's leading consumer and business-to-business local commercial search
companies, today said it has entered into forbearance agreements with
certain of its bondholders and bank lenders with respect to the
consequences of the expiration of the 30-day grace period relating to a
$55 million interest payment on one series of the company's senior
unsecured notes. The relevant interest payment was due April 15, 2009 and
the 30-day grace period for such payment expires on May 15, 2009. The
bondholders and bank lenders party to the forbearance agreements agreed
not to pursue their rights and remedies under the company's and its
subsidiaries' applicable debt agreements relating to such interest payment
through May 28, 2009.
The company also said that it would exercise a 30-day grace period on an
aggregate of approximately $78 million in interest payments due on May 15,
2009 on four series of notes issued by its subsidiaries, the 11.75 percent
Senior Notes due 2015 of R.H. Donnelley Inc., the 8 percent Notes due 2013
and 9 percent Discount Notes due 2013 of Dex Media, Inc. and the 5 7/8
percent Senior Notes due 2011 of Dex Media West LLC, while it continues to
have discussions with ad hoc steering committees representing certain of
its bondholders and banks lenders.
The company said the missed interest payments on the subsidiary notes do
not constitute events of default under the bond indentures or any of its
or its subsidiaries' other debt agreements unless R.H. Donnelley Inc., Dex
Media, Inc. or Dex Media West LLC fails to make the payment within 30 days
of the due date, absent an extension.
| Closed | Question Decided | More Info |
| 2009052801 | UBS AG | 10/27/2009 | Visteon Corporation | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Visteon Corporation? | Credit Event | On 28 May, Visteon Corporation announced that it had filed for Chapter 11. Here is the link to the press release: http://www.visteon.com/media/newsroom/2009/090528_story1.html | Closed | Question Decided | More Info |
| 2009061503 | Credit Suisse | 10/27/2009 | Six Flags, Inc. | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Six Flags, Inc.? | Credit Event | http://investors.sixflags.com/phoenix.zhtml?c=61629&p=irol-newsArticle&ID=1298761&highlight= | Closed | Question Decided | More Info |
| 2009070201 | UBS AG | 10/27/2009 | Lear Corporation | North American Corporate | Has a Failure to Pay Credit Event occurred with respect to Lear Corporation? | Credit Event | On 1 June, Lear announced that it did not make $38m of required interest payments on its 8.5% and 8.75% notes. The indenture provides for a 30 day grace period. On 2 July, Lear announced plans to pursue a debt restructuring under Chapter 11. In the release, Lear states that it expects to be in default under the notes.
Press release announcing missed interest payment:
http://lear.mediaroom.com/index.php?s=press_releases&item=245
Press release announcing planned restructuring:
http://lear.mediaroom.com/index.php?s=press_releases&item=246 | Closed | Question Decided | More Info |
| 2009081001 | Commerzbank AG London Branch | 10/27/2009 | Thomson SA | European Corporate | Has a Restructuring Credit Event occurred with respect to Thomson SA? | Credit Event | On 8 August 2009 Thomson SA released a statement on their website indicating that on 15 June 2009, they and all the holders of the 6.05% Senior Notes, Series A due 2009 issued by them (the "Notes") entered into a waiver and forbearance agreement ("Waiver Agreement") to defer payment of principal thereof in an amount equal to USD 72,500,000 from 17 June 2009 to 25 July 2009. The Waiver Agreement binds all holders of the Notes which at the time of such waiver comprised of more than three holders who are not affiliates of each other.
http://www.thomson.net/GlobalEnglish/Corporate/InvestorCenter/Pages/default.aspx
The deferment of principal of the Notes directly or indirectly results from the deterioration in the creditworthiness or financial condition of Thomson. Please see Section 1.3 of their 2008 Annual Report as filed with the United States Securities and Exchange Commission for further details: Link
| Closed | Question Decided | More Info |
| 2009070601 | Morgan Stanley | 10/27/2009 | Bradford & Bingley plc | European Corporate | Has a Failure to Pay Credit Event occurred with respect to Bradford & Bingley plc? | Credit Event | Factual Background: Please also refer to the factual background in respect of request number 2009061901 raised by Legal and General Investment Management Limited in respect of the same Reference Entity. As mentioned, on 26th May, 2009, Bradford & Bingley plc (B&B) announced that it would not be making any interest payments on the next interest payment dates (June/July 2009). An interest payment date in respect of B&B's LT2 6.625% bonds (Bonds) occurred on 16th June, 2009. The terms of the Bonds provide for a 14 day grace period, which has now passed.
Question: Given the factual background, has a Failure to Pay Credit Event occurred in respect of the Bonds (taking into account Sections 4.1 and 4.5 of the Credit Derivatives Definitions)?
| Closed | Question Decided | More Info |
| 2009051501 | UBS AG | 10/27/2009 | JSC Alliance Bank | Emerging European Corporate | Has a Failure to Pay Credit Event occurred with respect to JSC Alliance Bank ? | Credit Event | TEXT below of Press Release by Alliance Bank
Update on the Alliance Bank restructuring process
15 May 2009
Alliance Bank is pleased to announce that it has retained the services of KPMG LLP in London to conduct financial due diligence on the Bank. The financial due diligence will primarily focus on the Bank’s loan portfolio and other financial investments, as well as off-balance sheet items. KPMG will also assess the impact of potential adjustments on the bank’s financial position.
Alliance Bank is also pleased to announce that a Creditors’ Coordination Committee is in the process of being established. Its proposed members are ADB (Asian Development Bank), CALYON, Commerzbank Aktiengesellschaft, DEG -Deutsche Investitions-und Entwicklungsgesellschaft mbH, JP Morgan, Sumitomo Mitsui Banking Corporation Europe Limited and Wachovia Bank N.A. Alliance Bank’s restructuring and recapitalisation plan must be agreed with its creditors and submitted to the FMSA for its approval by 15 July 2009.
Alliance Bank will be arranging a conference call with all its creditors on 29 May 2009 to provide an update on the status of negotiations with the Creditors’ Coordination Committee and to discuss KPMG’s preliminary findings.
In the meantime, in order to facilitate future communications and discussions with its bondholders regarding the development of the restructuring and recapitalisation plan, Alliance Bank invites bondholders to identify themselves to its financial adviser, Lazard Frères, by sending an e-mail to the following address: JSC.Alliance.bondholders@lazard.fr
In accordance with Alliance Bank’s announcement dated 13 April 2009 concerning its request to creditors for a three-month standstill agreement, Alliance Bank confirms that on 11 May 2009, Alliance Bank did not pay when and where due (after the expiry of the applicable grace period) a certain senior non-Kazakhstan law governed principal obligation under an international loan facility with JSC Alliance Bank as borrower, in an amount in excess of US$10 million and payable in US dollars. The loan was placed and held with non-domestic lenders.
For further information, please contact:
Public Relations
Tel. +7 (727) 258 40 40 E-mail: pr@alb.kz www.alb.kz
| Closed | Question Decided | More Info |
| 2009101501 | General Interest Question | 10/19/2009 | AIFUL Corporation | Japan Corporate | Has a Failure to Pay Credit Event occurred with respect to AIFUL Corporation? | Credit Event | Information has been provided to the DC Secretary | Closed | Question Rejected | More Info |
| 2009100701 | TD Bank | 10/8/2009 | Canwest Media Inc. | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Canwest Media Inc.? | Credit Event | widely reported that Canwest Media Inc. filed for CCAA on October 6th
See link: http://www.canwest.com/media/viewNews.asp?NewsroomID=1062
See link: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aSxvfHErLlWs | Closed | Question Decided | More Info |
| 2009100602 | Wachovia Bank | 10/8/2009 | Fairpoint Communications, Inc. | North American Corporate | Has a Failure to Pay Credit Event occurred with respect to Fairpoint Communications, Inc.? | Credit Event | Oct. 1 (Bloomberg) -- FairPoint Communications Inc. did not
make interest and amortization payments totaling $28 million due
on Sept. 30, 2009 under its credit facility, dated as of March
31, 2008. The information was disclosed in a regulatory filing.
Link to news article
| Closed | Question Decided | More Info |
| 2009100202 | AOZORA BANK, LTD. | 10/7/2009 | AIFUL CORPORATION | Japan Corporate | Has a Bankruptcy Credit Event occurred with respect to AIFUL CORPORATION? | Credit Event | Category: Credit Event
Factual Background:
On August 25, 2009, AIFUL Corporation (“Aiful”), the Reference Entity, filed application for the business revitalization proceeding (the “Business Revitalization ADR”) in accordance with Act on Promotion of Use of Alternative Dispute Resolution (Act No. 151 of 2004; the “ADR Act”) and Act on Special Measures concerning Industrial Revitalization (Act No. 131 of 1999) with the Japanese Association of Turnaround Professionals (“JATP”), a private institution licensed by the Ministry of Justice (the “MOJ”) of Japan as dispute resolution business operator. Following Aiful’s filing for the Business Revitalization ADR, the examiners were appointed by JATP for examining the application and then they reviewed it from the perspective of whether the Business Revitalization ADR suited the restructuring plan for Aiful. In general, if the examiners confirm that the Business Revitalization ADR suits the restructuring plan for the filing company after conducting hearings and other types of review on the case, they will provisionally accept the application on the condition of payment by the applicant of service fees and thereafter appoint an Executor candidate out of registered attorneys having expertise in turnaround business, who is to supervise the proceeding after it formally commences.
On September 18, 2009, Aiful published that the application for the Business Revitalization ADR had been provisionally accepted by JATP (see http://www.ir-aiful.com/data/current/newsobj-1618-datafile.pdf), meaning that the examiners had confirmed that the Business Revitalization ADR would be suitable for Aiful’s efforts to turn around its business in consideration of the outcome of the review. On the same day The Sumitomo Trust and Banking Corporation, Ltd. (“STB”), one of the main financing banks of Aiful, also published that the bank was in a position to “consider necessary cooperation constructively after examining Aiful’s business turnaround plan,” provided that the application for the proceeding would be formally accepted (see http://www.sumitomotrust.co.jp/IR/company/en/pdf/nr2009/E090918.pdf).
On September 24, 2009, Aiful’s application for the Business Revitalization ADR was formally accepted and the proceeding commenced, followed by the appointment of the Executor. Following the formal acceptance by JATP of Aiful’s application for the Business Revitalization ADR, Aiful published the summary of proposed business revitalization plan (see http://www.ir-aiful.com/data/current/newsobj-1625-datafile.pdf) and Aiful and JATP, in their joint name, sent to all creditors who were to be subjected to the proceeding a written request for their consent to suspension of payment and forbearance from enforcing security interests. In accordance with the regular practice of the proceeding, we have been consulted by Aiful regularly since before the filing, and we were informed by Aiful that it would be becoming generally unable to pay its debts as they become due in September 2009 or later due to shortfall of fund in hand, unless it suspends scheduled payments to a substantial number of lenders. Aiful also admitted such distressed financial condition of itself by publishing in its timely disclosure documents as of September 18 and 24, which constituted part of the filing, that “it is becoming more difficult to raise sufficient funds to maintain our current asset size.”
On September 30, 2009, Aiful in fact suspended scheduled payments of loan principal to all of its lenders in accordance with the written request, dated as of September 24, 2009, demanding their consent to suspension of payment and forbearance from enforcing security interests.
Question:
Has a Bankruptcy Credit Event occurred with respect of Aiful on or around September 18, 2009 Tokyo time pursuant to Section 4.2(b) and/or Section 4.2(h) for either of the following reasons?: (i) it is deemed that Aiful admitted, in the midst of the communication with us, which was conducted in connection with, and as necessary preparation for, the filing for the Business Revitalization ADR as “judicial, regulatory or administrative proceeding,” that it had been in so distressed condition that it would be running short of fund in hand constantly in September, 2009 or later, unless it was allowed to suspend scheduled payments on September 30, 2009 and have the proposed business revitalization plan approved by all creditors to be subjected to the proceeding, meaning that Aiful will be becoming generally unable to pay its debts as they become due in September 2009 or later unless it suspends scheduled payments to a substantial number of lenders and we received such information directly from Aiful (Aiful also admitted such distressed financial condition by publishing in its timely disclosure documents as of September 18 and 24, which constituted part of the filing, that “it is becoming more difficult to raise sufficient funds to maintain our current asset size”); and (ii) if the Business Revitalization ADR is not construed to fall under the “judicial, regulatory or administrative proceeding” as set forth in Section 4.2(b), the proceeding pursues the same purpose of restructuring debts and businesses of distressed companies as the “judicial, regulatory or administrative proceeding” under the supervision of a government-licensed Executor and the admission in writing by Aiful of its inability generally to pay its debts as they become due in the midst of such proceeding is no less serious and indisputable than that made in a “judicial, regulatory or administrative” proceeding, having an analogous effect to an admission made in a “judicial, regulatory or administrative proceeding.”
We will also send the relevant documents via E-mail. | Closed | Question Dismissed | More Info |
| 2009100204 | AOZORA BANK, LTD. | 10/7/2009 | AIFUL CORPORATION | Japan Corporate | Has a Restructuring Credit Event occurred with respect to AIFUL CORPORATION? | Credit Event | Category:Credit Event
Factual Background:
On August 25, 2009, AIFUL Corporation (“Aiful”), the Reference Entity, filed application for the business revitalization proceeding (the “Business Revitalization ADR”) in accordance with Act on Promotion of Use of Alternative Dispute Resolution (Act No. 151 of 2004; the “ADR Act”) and Act on Special Measures concerning Industrial Revitalization (Act No. 131 of 1999) with the Japanese Association of Turnaround Professionals (“JATP”), a private institution licensed by the Ministry of Justice (the “MOJ”) of Japan as dispute resolution business operator. Following Aiful’s filing for the Business Revitalization ADR, the examiners were appointed by JATP for examining the application and then they reviewed it from the perspective of whether the Business Revitalization ADR suited the restructuring of Aiful. In general, if the examiners confirm that the Business Revitalization ADR suits the restructuring of the filing company after conducting hearings and other types of review on the case, they will provisionally accept the application on the condition of payment by the applicant of service fees and thereafter appoint an Executor candidate out of registered attorneys having expertise in turnaround business, who is to supervise the proceeding when it formally commences.
On September 18, 2009, Aiful published that the application for the Business Revitalization ADR had been provisionally accepted by JATP (see href="http://www.ir-aiful.com/data/current/newsobj-1618-datafile.pdf), meaning that the examiners had confirmed that the Business Revitalization ADR would be suitable for Aiful’s efforts to turn around its business in consideration of the outcome of the review. On the same day The Sumitomo Trust and Banking Corporation, Ltd. (“STB”), one of the main financing banks of Aiful, also published its comment that the bank was in a position to “consider necessary cooperation constructively after examining Aiful’s business turnaround plan,” provided that the application for the proceeding was formally accepted (see http://www.sumitomotrust.co.jp/IR/company/en/pdf/nr2009/E090918.pdf). Considering, in addition to the foregoing announcements published by Aiful and STB respectively, the fact that (i) JATP’s formal acceptance of the debtor’s application for the Business Revitalization ADR depends heavily on whether the debtor’s main financing banks are supporting the restructuring plan (as the regular practice by JATP of the proceeding, if any of main financing banks of the debtor is unwilling to support the debtor’s efforts to turn around, JATP has made it a rule not to accept the debtor’s application), (ii) JATP did accept Aiful’s application on the next business day to the day on which Aiful and STB respectively made the aforementioned announcements, (iii) Aiful had sought consent to the filing from us, the company’s 2nd main bank, and (iv) Aiful did suspend the payment of loan principal to STB in an amount not less than 1.0 billion yen, scheduled on September 30, 2009, without receiving any objection from STB, it is safely assured that on or before September 18, 2009 Aiful and STB had reached an agreement on the postponement of the payment by Aiful to STB, scheduled on September 30, 2009, in an amount not less than 1.0 billion yen.
On September 24, 2009, Aiful’s application for the Business Revitalization ADR was formally accepted and the proceeding commenced, followed by the appointment of the Executor. Following the formal acceptance by JATP of Aiful’s application for the Business Revitalization ADR, Aiful published the summary of proposed business revitalization plan (see http://www.ir-aiful.com/data/current/newsobj-1625-datafile.pdf) and Aiful and JATP, in their joint name, sent to all creditors who are to be subjected to the proceeding a written request for their consent to suspension of payment and forbearance from enforcing security interests.
On September 30, 2009, Aiful in fact suspended payments of loan principal to all of its lenders, including the payment to STB in an amount not less than 1.0 billion yen, in accordance with the written request dated as of September 24, 2009.
Question:
Has a Restructuring Credit Event occurred with respect to Aiful on or around September 18, 2009 Tokyo time because STB and Aiful had reached an agreement on the postponement of the payment in an amount not less than 1.0 billion yen scheduled on September 30?
| Closed | Question Rejected | More Info |
| 2009052901 | LIM Advisors | 10/7/2009 | Joint Corp | Japan Corporate | Has a Bankruptcy Credit Event occurred with respect to Joint Corp? | Credit Event | By Gregory Turk and Yusuke Miyazawa May 29 (Bloomberg) -- Joint Corp., a Japanese real estate developer, filed for bankruptcy protection with liabilities of 168 billion yen ($1.7 billion), making it the country's third- largest failure of a publicly traded company this year. Revenue for the property securitization business plunged 78 percent last year and sufficient new funding couldn't be obtained, the Tokyo-based company said in a release. The company's debt includes 15 billion yen in fixed-rate bonds and 11 billion yen in convertible bonds, Bloomberg data show. Joint Residential Real Estate KK, a subsidiary, accounted for 20.4 billion yen of the liabilities, according to the release. The filing was made at the Tokyo District Court. The Tokyo exchange said Joint would be delisted on June 30. The largest failures in Japan this year were small-business lender SFCG Co., which filed with liabilities of 338 billion yen, and property developer Japan General Estate Co., with 197.5 billion yen in debt, according to data compiled by Bloomberg. --Editors: Steve McPherson, Wendy Pugh. To contact the reporter on this story: Gregory Turk in Tokyo at +81-3-3201-3441 or gturk2@bloomberg.net | Closed | Question Decided | More Info |
| 2009061901 | Legal and General Investment Management limited | 7/31/2009 | Bradford and Bingley plc | European Corporate | Has a Bankruptcy Credit Event occurred with respect to Bradford and Bingley plc? | Credit Event | Factual Background:
On the 29th of September 2008 – Bradford and Bingley plc (hereinafter B&B) was taken into public ownership and the Financial Services Compensation Scheme had to pay £18bn to enable retail deposits to be transferred to Abbey Santander. HM Treasury put in place a guarantee which excluded subordinated debt.
On the 20th of February 2009 an amendment to the Bradford and Bingley plc Transfer of Securities and Property etc. Order 2008 came into force which effectively declares that, with respect to subordinated notes, for principal and interest to be due B&B must either first totally satisfy its obligations to the FSCS or notify the noteholders that such interest and principal is due.
On the 25th of February 2009 HM treasury published a letter (hereinafter the Letter) stating that the purpose of the amendment was to preserve the hierarchy which prevails when a company goes into administration or is wound-up insolvently.
On the 26th May 2009 B&B announced that it will not be making any interest payments on the next interest payment dates (June/July 2009).
Links
www.hm-treasury.gov.uk/d/letter_myners_haddrill_260209.pdf
http://www.reuters.com/article/marketsNews/idUSLT46191320080929
www.ft.com/cms/s/0/1e5b888c-8c06-11dd-8a4c-0000779fd18c.html
www.bbc.co.uk/blogs/thereporters/robertpeston/2008/09/bb_collapse_to_cost_city_9bn.html
www.bloomberg.com/apps/news?pid=20601102&sid=aFX8MT.iiS8o
Question
Has a Bankruptcy Credit Event occurred with respect to B&B on or around any of the dates mentioned above? In particular:
a) Under Section 4.2 (b) and Section 4.2(h), has a credit event occurred because B&B became insolvent or subject to an event having an analogous effect, considering among other things that:
i) The triggering of the FSCS occurs when the same requirements for the appointment of a provisional liquidator and an administrator are met under Section 135 of the Insolvency Act 1986 and Section 11 of Schedule B1 to the same act . ii) If B&B was solvent, why was it necessary to take steps to preserve the hierarchy as if B&B was in administration or was in a state of insolvency and ensure that the FSCS is paid in full first as explained in the Letter?
iii) If B&B was solvent why was it necessary for the FSCS to pay
such a large amount for the transfer of retail deposits (which would then necessitate the action mentioned above to preserve the hierarchy prevailing in a state of insolvency).
iv) If B&B was solvent why was it necessary for an announcement to be
made that interest would not be paid with respect to the subordinated obligations?
b) Under Section 4.2 (f) and Section 4.2(h), has a credit event occurred because the events mentioned above, especially the actions mentioned in the Letter, effectively evidence that B&B was subject to events which have an analogous effect to the appointment of an administrator or other similar officials whose main function is to preserve the hierarchy of creditors in a state of insolvency or a state falling under Section 4.2 (h).
c) Under Section 4.2(c) and 4.2(h) has a credit event occurred because the events effectively amount to a general assignment, arrangement or composition for the benefit of B&B’s creditors?
d) Has a credit event occurred because the events mentioned above fall within the ambits of any sub-section of Section 4.2 of the Credit Derivatives Definitions for other reasons?
(All references are to section of the Credit Derivative Definitions unless expressly stated otherwise)
| Closed | Question Dismissed | More Info |
| 2009072101 | UBS AG | 7/22/2009 | Kellwood Co | North American Corporate | Has a Failure to Pay Credit Event occurred with respect to Kellwood Co? | Credit Event | On 16 July, Kellwood Co. issued a press release which indicated that the company did not make the required principal payment due on its 7 7/8% notes on 15 July. The terms of the indenture do not provide a grace period on principal payments. The grace period under section 1.12 expired on 20 July.
Link to 16 July press release
Link to indenture | Closed | Question Decided | More Info |
| 2009052601 | NOMURA | 6/9/2009 | JSC Astana Finance | European Corporate | Has a Failure to Pay Credit Event occurred with respect to JSC Astana Finance ? | Credit Event | On 19 May 2009, JSC Astana Finance published a press release and announced, inter alia, that: "Astana Finance and Astana Finance B.V. today announce their decision to suspend payments of interest and principal on their international obligations and, in the case of Astana Finance, to suspend principal payments on certain of its domestic obligations, as of 15 May 2009 in each case." Publicly Available Information is available at http://www.af.kz/en/press/news/2009/05/19/532/ It appears that a Failure to Pay Credit Event has occurred in relation to JSC Astana Finance. On 16 May 2009, Astana Finance B.V. was due to pay coupon on its USD 175,000,000 9.00% Notes due 2011 (the "Notes") (XS0275278256). The coupon payable under the Notes remains unpaid. JSC Astana Finance is a guarantor of the Notes. | Closed | Question Decided | More Info |
| 2009060801 | JP Morgan | 6/9/2009 | Astana Finance BV | Emerging European Corporate | Has a Failure to Pay Credit Event occurred with respect to Astana Finance BV? | Credit Event | http://www.af.kz/en/press/news/2009/05/19/532/
| Closed | Question Decided | More Info |
| 2009052903 | Citibank, N.A. | 6/1/2009 | Dex Media East LLC and Dex Media, Inc. | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Dex Media East LLC and Dex Media, Inc.? | Credit Event | The above Reference Entities are affiliated entities of R.H. Donnelley Inc. and filed Chapter 11 petitions contemporaneously with R.H. Donnelley Inc. It is Citi's understanding that ISDA is already in possession of the Chapter 11 materials setting forth such filing. | Closed | Question Decided | More Info |
| 2009052902 | Deutsche Bank AG | 5/29/2009 | R.H. Donnelley Inc. | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to R.H. Donnelley Inc.? | Credit Event | Voluntary Chapter 11 petition available here: http://www.rhdrestructuring.com/09_11834_petition.pdf | Closed | Question Decided | More Info |
| 2009043001 | UBS AG | 5/26/2009 | Syncora Guarantee Inc. (fka XL Capital Assurance Inc.) | North American Corporate | Has a Failure to Pay Credit Event occurred with respect to Syncora Guarantee Inc. (fka XL Capital Assurance Inc.)? | Credit Event | It appears that a Failure to Pay Credit Event will occur as of the close of business on April 30, 2009 with respect to Syncora Guarantee Inc. (“SGI”) under the Qualifying Policy issued by it for the Class A Certificates of SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1 (“STACS 2007-1”).
The Qualifying Policy is described starting on page S-77 of the Prospectus Supplement dated May 14, 2007, which can be obtained from the SEC’s website at the following link .
The following Publicly Available Information is available (and copies are attached below):
• A Payment Notice dated April 23, 2009 submitted to SGI by the trustee for the STACS 2007-1 Class A Certificates demanding payment of $5,543,397.34 pursuant to the terms of the Qualifying Policy . Link
• A letter from SGI dated April 27, 2009 stating that it has suspended payment of all claims, including the claim in respect of STACS 2007-1. Link
• The Certificateholder Distribution Statement issued by the trustee for STACS 2007-1 showing that no payment was made by SGI pursuant to the Qualifying Policy (pages 1 and 8) . Link | Closed | Question Decided | More Info |
| 2009051801 | UBS AG | 5/19/2009 | Georgia Gulf Corporation | North American Corporate | Has a Failure to Pay Credit Event occurred with respect to Georgia Gulf Corporation? | Credit Event | On 15 April, Georgia Gulf Corporation (GGC) announced that it did not make the required interest payments on its 2014 and 2016 notes. The indenture provides for a 30 day grace period.
On 13 May, GGC announced that it received forbearance agreements from the requisite holders of the notes to prevent an acceleration of the notes upon the expiration of the grace period. The forbearance agreement expires on 15 June.
Links to press releases:
April 15 | May 13 | Closed | Question Decided | More Info |
| 2009042402 | Morgan Stanley | 4/29/2009 | JSC BTA Bank. | Emerging European Corporate | 1. Has the Repudiation/
Moratorium Condition been satasfied with respect to the Reference Entity as of April 20, 2009; and 2. Has a Repudiation Moratorium Credit Event occurred with respect to the Reference Entity | Credit Event | BTA issued a press release announcing a standstill on all debt principal payments as of April 20, 2009. BTA had principal payments due on two loans (due April 20 and 24, 2009, respectively)
Press Release: http://www.isda.org/uploadfiles/_docs/BTA Press release 23 04 2009.pdf
Prospectus: http://www.isda.org/uploadfiles/_docs/BTAS KZT300bn prospectus (6 march 2009).pdf | Closed | Question Dismissed | More Info |
| 2009042901 | Morgan Stanley | 4/29/2009 | JSC BTA Bank | European Corporate | Has a Failure to Pay Credit Event occurred with respect to JSC BTA Bank ? | Credit Event | On the BTA Bank Investor Conference Call held on April 28, 2009, BTA Bank indicated that it did not pay, after the expiration of the relevant grace period, certain senior accelerated non Kazakhstan law governed loans.
Morgan Stanley has transcribed the relevant section of the BTA Bank Investor Conference Call .
Relevant Section: Minutes 3:31-3:56:
"We would like to confirm that as part of the strategy adopted by BTA management, on 14th April of this year, BTA Bank did not pay, after the expiry of any applicable grace period when and where due, certain senior non-Kazakhstan law governed accelerated obligations under international external bilateral facilities with principal exposure each in excess of 10 million US dollars and payable in currency other than tenge"
Note -- Morgan Stanley prepared the transcript above. | Closed | Question Decided | More Info |
| 200904164 | UBS AG | 4/29/2009 | Bowater Incorporated | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to Bowater Incorporated? | Credit Event | AbitibiBowater Files for Bankruptcy Protection in Delaware 2009-04-16 14:08:31.49 GMT By Stephen Farr April 16 (Bloomberg) -- AbitibiBowater Inc. filed for bankruptcy protection in Delaware. The newsprint maker listed both debts and assets of more than $1 billion each in court papers filed today. Link to Company News:{ABH US CN } For Related News and Information: Top Stories:{TOP} To contact the editor responsible for this story: Stephen Farr at +1-302-661-7610 or sfarr@bloomberg.net The chapter 11 filing includes Bowater Incorporated as one of the entities that filed
Link to the chapter 11 filing: http://www.isda.org/uploadfiles/_docs/Vol_Chap11.pdf | Closed | Question Decided | More Info |
| 200904165 | Och-Ziff Capital Management Group | 4/20/2009 | GGP LIMITED PARTNERSHIP | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to GGP LIMITED PARTNERSHIP? | Credit Event | press release: http://www.ggp.com/Company/Pressreleases.aspx?prid=451 the filing: http://www.kccllc.net/documents/9966000/9966000090416000000000002.pdf | Closed | Question Rejected | More Info |
| 200904163 | UBS AG | 4/16/2009 | General Growth Properties Inc. | North American Corporate | Has a Bankruptcy Credit Event occurred with respect to General Growth Properties Inc.? | Credit Event | Link to the press release: http://www.ggp.com/Company/Pressreleases.aspx?prid=451
Link to the chapter 11 filing: http://www.kccllc.net/documents/9966000/9966000090416000000000002.pdf | Closed | Question Decided | More Info |
