| Issue Number |
Submitted By |
Last Updated |
Reference Entity |
Transaction Type |
Question |
Category |
Further Information Provided |
Current Status |
Outcome |
More Info |
| 2010012901 | Japan DC Voting Members | 9/1/2010 | Japan Historical Succession Events | Japan Corporate | | Succession Event | Updates to this list will be posted on an ongoing basis | Ongoing | | More Info |
| 2009081701 | EMEA DC Voting Members | 9/1/2010 | EMEA Historical Succession Events | European Corporate | | Succession Event | Updates to this list will be posted on an ongoing basis | Ongoing | | More Info |
| 2009091001 | Asia Ex-Japan DC Voting Members | 9/1/2010 | Asia Ex-Japan Historical Succession Events | Asia Corporate | | Succession Event | Updates to this list will be posted on an ongoing basis | Ongoing | | More Info |
| 2010082501 | General Interest Question | 8/27/2010 | Energy Future Holdings Corp. | North American Corporate | Has a Succession Event occurred with respect to Energy Future Holdings Corp.? | Succession Event | Memorandum To: ISDA Americas Determinations Committee (the "DC")
Date: 8/25/2010
Re: Energy Future Holdings Corp.
1. Question Presented: Has a Succession Event occurred with respect to Energy Future Holdings Corp.(the "Question Presented")?
2. Background:
Entities
I. Energy Future Holdings Corp. ("EFH Corp."), the "Reference Entity".
II.
Energy Future Intermediate Holding Company LLC ("EFIH"), a direct, wholly owned subsidiary of EFH
Corp.
III. EFIH Finance Inc. ("EFIH Finance"), a direct, wholly owned subsidiary of EFIH.
IV. Oncor
Electric Delivery Holdings Company LLC ("Oncor Holdings"), a direct, wholly-owned subsidiary of
EFIH.
V. Oncor Electric Delivery Company LLC ("Oncor"), a direct, majority-owned subsidiary of
Oncor Holdings.
See Page 16 at
http://sec.gov/Archives/edgar/data/1445146/000119312510190042/d424b3.htm for more detailed entity
information.
July 2010. On July 16, 2010, EFH Corp. announced that its direct, wholly-owned subsidiary, EFIH, and
EFIH's direct, wholly-owned subsidiary, EFIH Finance, would commence exchange offers (the
"Exchange Offers") to exchange the outstanding 11.250%/12.000% Senior Toggle Notes due 2017 and
10.875% Senior Notes due 2017 of EFH Corp. (collectively, the "Old Notes") for up to $2.18 billion
aggregate principal amount of 10.000% Senior Secured Notes due 2020 to be issued by the EFIH and
EFIH Finance (the "New Senior Secured Notes") and an aggregate of $500 million in cash, upon the
terms and subject to the conditions set forth in the prospectus relating to the Exchange Offers (the
"Prospectus") and the related Consent and Letter of Transmittal. The maximum aggregate principal
amount of New Senior Secured Notes issuable in the Exchange Offers, which is referred to herein as the
"Maximum Exchange Amount," will not exceed $2.18 billion. Source:
http://www.energyfutureholdings.com/news/newsrel/deta il.aspx?prid=1344 The purpose of the Exchange
Offers is to reduce the outstanding principal amount, reduce interest expense and extend the weighted
average maturity, of the long-term debt of EFH Corp. and its subsidiaries. Source:
http://www.energyfutureholdings.com/news/newsrel/detail.aspx?prid=1344
August 2010. On August 13, 2010, EFH Corp. announced the expiration and final results of the
exchanges offers. Source: http://www.energyfutureholdings.com/news/newsrel/detail.aspx?prid=1355 On
August 16, 2010, EFH Corp., EFIH and EFIH Finance filed a final prospectus related to the exchange
offers. Source: http://sec.gov/Archives/edgar/data/1445146/000119312510190042/d424b3.htm
3. Results of the Exchange Offers: The Bonds exchanged represent greater than 25% but less than 75% of
EFH Corp.'s relevant obligations. The table below (Figure 1) from the August 16, 1020 prospectus sets
forth EFH Corp.'s cash and cash equivalents and capitalization as of June 30, 2010 including pro forma as
adjusted for the exchange. Figure 1. Energy Future Holdings Corp. Capitalization Table As Further
Actual As Adjusted Adjusted (a) (millions of dollars) Cash and cash equivalents 1,211 1,204 721 EFH
Corp.: 5.55% due 2014 983 434 434 6.5% due 2024 740 740 740 6.55% due 2034 744 744 744 10.875%
due 2017 1,812 1,787 359 11.25%/12% due 2017 2,758 2,705 539 9.75% due 2019 115 115 115 10.0%
due 2020 606 1,061 1,061 Capital lease obligations 7 7 7 Unamortized fair value discount -569 -493 -493
Total EFH Corp. debt 7,196 7,100 3,506 EFIH: 9.75% due 2019 141 141 141 10.0% due 2020 - - 2,180
Unamortized fair value discount- - - Total EFIH debt 141 141 2,321 Note: "Actual": on an actual basis;
"As Adjusted": on an as adjusted basis to give effect to repurchases and exchanges of EFH Corp.'s and its
subsidiaries' notes since June 30, 2010 described in the Prospectus under "Summary-Recent
Developments" and under "Debt Related Activity in 2010 - 2010 Debt Exchanges and Repurchases" in
Note 6 to EFH Corp.'s unaudited historical interim condensed consolidated financial statements and
related notes for the three and six months ended June 30, 2010 included elsewhere in the Prospectus; and
"As Adjusted Further": on an adjusted basis to give effect to the completion of the exchange offers.
Source: http://sec.gov/Archives/edgar/data/1445146/000119312510190042/d424b3.htm (see page 80).
4. Analysis: Definition of Succession Event: Under the 2003 Definitions, an entity must succeed to a
specified minimum percentage of Relevant Obligations of the Reference Entity by way of a Succession
Event. "Succession Event" means an event such as a merger, consolidation, amalgamation, transfer of
assets or liabilities, demerger, spin-off or other similar event in which an entity succeeds to the
obligations of another entity, whether by operation of law or pursuant to any agreement. Notwithstanding
the foregoing, "Succession Event" shall not include an event in which the holders of obligations of the
Reference Entity exchange such obligations for the obligations of another entity, unless such exchange
occurs in connection with a merger, consolidation, amalgamation, transfer of assets or liabilities,
demerger, spin-off or other similar event. Application of Definition to EFH Corp.: We ask the DC to
consider and evaluate the following factors with respect to the Question Presented: (We note that some of
below the below factors involve calculations based on our own internal review and should be verified by
the DC.) . We calculate EFH Corp.'s Relevant Obligations as approximately $7,586 million prior to the
exchange. In aggregate $3,593.7 million relevant obligations were exchanged, representing approximately
47.4% of EFH Corp.'s Relevant Obligations. (Excluding the cash portion of the exchange, we estimate
approximately $2,913 million EFH Corp. bonds were exchanged, representing approximately 38.4% of
EFH Corp.'s Relevant Obligations.) We note that the new 10% Senior Secured Notes are issued by
Energy Future Intermediate Holding Company and EFIH Finance Inc. and will not be guaranteed by EFH
Corp. . Based on the information provided in the August 16, 2010 prospectus, EFH Corp. transferred
$440 million of cash to EFIH in connection with or just prior to the exchange. Also, EFH Corp. considers
the bond exchange a "recapitalization" (See page 216 of the prospectus which states; "EFH Corp. intends
to take the position that the exchange of Old Notes for New EFIH Senior Secured Notes will qualify as a
recapitalization.") . In our view, the exchange and resulting recapitalization/reorganization should be
considered a significant corporate event that should be included under "a merger, consolidation,
amalgamation, transfer of assets or liabilities, demerger, spinoff or other similar event." Additionally, the
bond exchange was not an isolated event, rather it represented a broader recapitalization and reflected
EFH Corp.'s decision to transfer the financing operations related to its interest in Oncor Holdings to EFIH
(from EFH Corp.). In our view, the transfer of the financing operations is analogous to a demerger or
spin-off. . We think that the recapitalization is a meaningful structural change affecting the Reference
Entity which fundamentally alters the credit risk represented by the credit default swap. The bonds
exchanged represent a significant portion, in both overall amount ($3,593.7 million) and as a percentage
(approximately 47.4%), of EFH Corp.'s relevant obligations prior to the exchange. . EFH Corp.
contributed $440 million to EFIH in connection with the exchange/recapitalization. This should fall under
the definition of a "transfer of assets" which is taking place as part of a larger corporate
reorganization/recapitalization. . Finally, the collateral securing the new 10% Secured notes will consist
of a pledge of all of the membership interests EFIH owns in Oncor Holdings. Oncor Holdings owns
approximately 80% of Oncor Electric Delivery's outstanding membership interests. The granting of
security to bondholders could represent a transfer or a spin-off of assets to bondholders. Pro forma, for the
new $2.18 billion 10% Secured notes, there is approximately $3.5 billion of debt secured by the
membership interests, representing approximately 64% of the book value of the investment (as of June
30, 2010 EFH Corp./EFIH's investment in Oncor Holdings was on its balance sheet for $5.45 billion), up
from approximately 24% prior to the Exchange Offers. We view the granting of security as a significant
event because the Old Notes were unsecured. | Vote Deferred | | More Info |
| 2010072201 | UBS Limited | 8/24/2010 | Fortis Bank (Nederland) N.V. | European Corporate | Has a Succession Event occurred with respect to Fortis Bank (Nederland) N.V.? | Succession Event | On 1 July 2010, Fortis Bank (Nederland) N.V. merged into ABN AMRO Bank N.V. (ABN AMRO) with ABN AMRO the surviving entity. | 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 |
| 2009081101 | Americas DC Voting Members | 8/19/2010 | Americas Historical Succession Events | North American Corporate | | Succession Event | Updates to this list will be posted on an ongoing basis | Ongoing | | More Info |
| 2010072601 | General Interest Question | 8/12/2010 | BJ Services Company | North American Corporate | Has a Succession Event occurred with respect to BJ Services Company? | Succession Event | http://www.sec.gov/Archives/edgar/data/864328/000095012310043651/h72719e8vk.htm
Excerpt:
On April 28, 2010, pursuant to the Agreement and Plan of Merger (the “Merger Agreement”) dated as of August 30, 2009 by and among Baker Hughes Incorporated (“Baker Hughes”), BSA Acquisition LLC (“Merger Sub”) and BJ Services Company (the “Company”), the Company merged with and into Merger Sub (the “Merger”), and the separate existence of the Company ceased. As the surviving entity of the Merger, Merger Sub is the successor registrant to the Company and has been renamed BJ Services Company LLC.
Item 1.01 Entry into a Material Definitive Agreement.
On April 28, 2010, Baker Hughes, Merger Sub and the Company executed and delivered to Wells Fargo Bank, National Association, as trustee (the “Trustee”), the Fourth Supplemental Indenture (the “Fourth Supplemental Indenture”) to the Indenture, dated as of June 8, 2006 (the “Indenture”), among the Company and the Trustee. Pursuant to the Fourth Supplemental Indenture, Merger Sub, upon consummation of the Merger, assumed all of the obligations of the Company in respect of (1) the 5.75% senior notes due 2011 (the “2011 Notes”) issued by the Company pursuant to the First Supplemental Indenture to the Indenture (the “First Supplemental Indenture”), dated as of June 8, 2006, among the Company and the Trustee and (2) the 6.00% senior notes due 2018 (the “2018 Notes”) issued by the Company pursuant to the Third Supplemental Indenture to the Indenture (the “Third Supplemental Indenture”), dated as of May 19, 2008, among the Company and the Trustee.
... | Closed | Question Decided | More Info |
| 2010062401 | Mizuho Securities Co., Ltd. | 8/12/2010 | Mitsubishi UFJ Securities Co., Ltd. | Japan Corporate | Has a Succession Event occurred with respect to Mitsubishi UFJ Securities Co., Ltd.? | Succession Event | http://www.sc.mufg.jp/english/e_press/pdf/e_press20091118.pdf
http://www.sc.mufg.jp/english/e_press/pdf/e_press20091225.pdf
http://www.morganstanley.co.jp/press/docs_en/100330_en.pdf
| Closed | Question Decided | More Info |
| 2010071401 | Mitsubishi UFJ Morgan Stanley Securities | 7/14/2010 | The Senshu Bank/ Bank of Ikeda, Ltd. | Japan Corporate | Has a Succession Event occurred with respect to The Senshu Bank/ Bank of Ikeda, Ltd.? | Succession Event | Supporting links:
http://www.r-i.co.jp/eng/body/cfp/news_release_C/2010/05/news_release_2010-C-405_01.pdf
http://www.sihd-bk.jp/kokuchi/i/pc.html - in Japanese
http://www.sihd-bk.jp/ - in Japanese
http://www.r-i.co.jp/jpn/body/cfp/news_release_C/2010/04/news_release_2010-C-356_01.pdf - in Japanese, but we understand this is a key document
| Question withdrawn | | More Info |
| 2010062901 | Americas DC Voting Members | 7/13/2010 | ERAC USA Finance Company | North American Corporate | With reference to the Determinations Committee's powers under Section 3.8 of the Credit Derivatives Determinations Committees Rules, do you agree that the corporate events related to ERAC USA Finance Company's conversion into ERAC USA Finance LLC on July 31, 2009 should be treated as a name change for purposes of Relevant Transactions entered into on or prior to the date of the Determinations Committee's ruling on this question? | Other | N/A | Closed | | 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 |
| 2010070701 | JAPAN DC Voting Members | 7/8/2010 | JAPAN New Succession Event Requests | Japan Corporate | See JAPAN DC resolution attached | Other | Standing resolution put in place by the JAPAN DC Voting Members which provides for consideration of each new potential Successor request by the JAPAN DC to be deferred until the matter has been reviewed by the JAPAN DC legal subcommittee. The question will automatically pass down to the legal subcommittee unless a voting member of the JAPAN DC requests that the DC meet earlier. | Closed | Question Decided | More Info |
| 2010070201 | Mitsubishi UFJ Morgan Stanley | 7/8/2010 | Nippon Oil Corporation | Japan Corporate | Has a Succession Event occurred with respect to Nippon Oil Corporation? | Succession Event | http://www.hd.jx-group.co.jp/english/newsrelease/2010/20100401_01.html
http://www.hd.jx-group.co.jp/english/newsrelease/noc/2009/e71_enpr_100127.html | Request Accepted by DC | | More Info |
| 2010061001 | Credit Suisse International | 6/22/2010 | Cable & Wireless PLC | European Corporate | Has a Succession Event occurred with respect to Cable & Wireless PLC? | Succession Event | Earlier this year, Cable and Wireless PLC (C&W PLC) demerged its UK/European operations into a separate company called Cable and Wireless Worldwide PLC. That left C&W PLC holding only the emerging markets telecom operations, including operators in Panama, Macau, Monaco and a number of Caribbean island states. These are now held by a new holding company called Cable and Wireless Communications PLC. As part of this demerger, several obligations were transferred to Cable and Wireless Worldwide. The demerger was effective on the morning of March 26. A Mark-it factual summary of this event is available.
| Closed | Question Decided | More Info |
| 2010062201 | EMEA DC Voting Members | 6/22/2010 | EMEA New Succession Event Requests | European Corporate | See EMEA DC resolution attached | Succession Event | Standing resolution put in place by the EMEA DC Voting Members which provides for consideration of each new potential Successor request by the EMEA DC to be deferred until the matter has been reviewed by the EMEA DC legal subcommittee. The question will automatically pass down to the legal subcommittee unless a voting member of the EMEA DC requests that the DC meet earlier. | Closed | Question Decided | More Info |
| 2010060102 | Goldman Sachs | 6/14/2010 | Nordic Telephone Company Administration ApS | European Corporate | Has a Succession Event occurred with respect to Nordic Telephone Company Administration ApS? | Succession Event | See the Markit Factual Summary circulated by the ISDA DC Secretary on 23 April confirming that a merger occurred in relation to Nordic Telephone Company Administration ApS on 13 April 2010 and Angel Lux Common S.A. (previously Angel Lux Common S.a.r.l) is the surviving entity and assumed all obligations of Nordic Telephone Company Administration ApS
http://www.isda.org/uploadfiles/_docs/Markit_Factual_Summary_Nordic_Telephone_Company_Administration_ApS.pdf | 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 |
| 2010030301 | General Interest Question | 5/5/2010 | Northwest Airlines, Inc. | North American Corporate | Has a Succession Event occurred with respect to Northwest Airlines, Inc.? | Succession Event | As per page 2 of Delta Air Lines Inc.'s 10-K filed on February 24, 2010, in October 2008, a wholly-owned subsidiary of Delta merged with and into Northwest Airlines Corporation (“Northwest”). As a result of this merger, Northwest and its subsidiaries, including Northwest Airlines, Inc. (“NWA”), became wholly-owned subsidiaries of Delta. On December 31, 2009, NWA merged with and into Delta, ending NWA’s existence as a separate entity.
Link to the 10-K | Closed | Question Decided | More Info |
| 2010050401 | Credit Suisse | 5/5/2010 | Affiliated Computer Services, Inc. | North American Corporate | Has a Succession Event occurred with respect to Affiliated Computer Services, Inc.? | Succession Event | http://www.isda.org/dc/docs/MarkitFactualSummary-AffiliatedComputerServicesInc28Apr2010.pdf | 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 |
| 2010041301 | Goldman Sachs | 4/22/2010 | Burlington Northern Santa Fe, Corporation | North American Corporate | Has a Succession Event occurred with respect to Burlington Northern Santa Fe, Corporation? | Succession Event | Based on the attached 8K, we believe a succession event occurred on February 12, 2010 when the Reference Entity was merged into a subsidiary of Berkshire Hathaway, Inc. The merger sub (and successor) was renamed Burlington Northern Santa Fe, LLC upon the consummation of the merger.
Link | Closed | Question Decided | More Info |
| 2010030801 | BNP Paribas | 4/14/2010 | Nordic Telephone Company Holding ApS | European Corporate | Has a Succession Event occurred with respect to Nordic Telephone Company Holding ApS? | Succession Event | See website link - http://tdc.com/ir/releases/index.php?id=466940
In connection with the merger of Nordic Telephone Company Holding ApS (NTCH), Nordic Telephone Company Finance ApS, Nordic Telephone Company Investment ApS and Nordic Telephone Company Administration ApS (NTCA), the latter has received Nordic Telephone Company Holding ApS' 174,369,910 shares in TDC A/S, equivalent to 87.9% of the aggregate share capital and 87.9% of the total voting rights. NTCH was dissolved as part of the merger and NTCA repaces NTCH as issuer under the 2016 Notes.There are no other bonds at the NTCH entity. | Closed | | 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 |
| 2010020301 | Australia-New Zealand DC Voting Members | 3/19/2010 | Australia-New Zealand Historical Succession Events | Australia Corporate / New Zealand Corporate | | Succession Event | Updates to this list will be posted on an ongoing basis | Ongoing | | More Info |
| 2010031501 | BNP Paribas | 3/19/2010 | St George Bank Limited | Australia Corporate | Has a Succession Event occurred with respect to St George Bank Limited? | Succession Event | Below is a summary of the detail found in publicly available sources:
1. Effective 1st Dec 2008 - WESTPAC BANKING CORPORATION acquired St.George Bank Limited by way of merger via a Scheme of Arrangement.
2. Effective 1st March 2010 - WESTPAC BANKING CORPORATION and St.George Bank Limited completed the single authorized deposit-taking process. As a result, St.George Bank Limited de-registered, effectively dissolving & becoming an inactive entity as of 1st March 2010.
3. Following de-registration, "By moving to a single ADI:
Westpac will become the successor in law of St.George Bank Limited;
All the assets and liabilities of St.George Bank Limited (including in respect of its deposits and contracts) will become the assets and liabilities of Westpac. This also includes all debt securities previously issued by St.George Bank Limited; and
Separate regulatory and prudential reporting by St.George Bank Limited will cease and be amalgamated in Westpac’s reports. This includes regular banking statistics and points of presence information.
The Westpac Group will continue to report the performance of the St.George business as part of its regular periodic reporting."
4. Supporting links
Link 1
Link 2
Link 3
Link 4
Link 5
Link 6
Link 7(previously_of_st.george) | 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 |
| 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 |
| 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 |
| 2010012801 | Barclays Bank PLC | 2/12/2010 | Schering-Plough Corporation and Merck & Co., Inc. | North American Corporate | Has Schering-Plough Corporation changed its name to "Merck & Co., Inc." and has Merck & Co., Inc. changed its name to "Merck Sharp & Dohme Corp.", effective on or about 3 November 2009? Do you agree that no Succession Event has occurred in relation either of these two entities following the merger between them, effective on or about 3 November 2009? | Succession Event | 8-K for Merck & Co., Inc. (formerly Schering-Plough Corporation):
http://www.sec.gov/Archives/edgar/data/310158/000119312509223917/d8k.htm
The Introductory Note to the 8-K describes the name changes and Item 2.03 describes the financial aspects of the merger. | 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
| Final Auction Terms Published | 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 |
| 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 |
| 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 |
| 2009121101 | General Interest Question | 12/21/2009 | Reference Entity under the Business Revitalization ADR Procedure | Japan Corporate | Would a Restructuring Credit Event occur in the circumstances described here? Link
| Other | This question was submitted pursuant to section 3.8(b) (Other Determinations Relating to the Overall Market), as described here: Link | Closed | Question Dismissed | 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 |
| 2009121401 | General Interest Question | 12/16/2009 | Reference Entity under the Business Revitalization ADR Procedure | Japan Corporate | Would a "Loan Claim" (as defined therein) constitute a Deliverable Obligation in the circumstances described here? Link | Other | This question was submitted pursuant to section 3.8(b) (Other Determinations Relating to the Overall Market), as described here: Link | Closed | Question Rejected | More Info |
| 2009121104 | General Interest Question | 12/15/2009 | Reference Entity under the Business Revitalization ADR Procedure | Japan Corporate | Would a "Loan Claim" (as defined therein) constitute a Deliverable Obligation in the circumstances described here? Link | Other | This question was submitted pursuant to section 3.8(b) (Other Determinations Relating to the Overall Market), as described here: Link | Closed | Question Rejected | More Info |
| 2009121103 | General Interest Question | 12/15/2009 | Reference Entity under the Business Revitalization ADR Procedure | Japan Corporate | Would a "Loan Claim" (as defined therein) constitute a Deliverable Obligation in the circumstances described here? Link
| Other | This question was submitted pursuant to section 3.8(b) (Other Determinations Relating to the Overall Market), as described here: Link | Closed | Question Rejected | More Info |
| 2009121102 | General Interest Question | 12/15/2009 | Reference Entity under the Business Revitalization ADR Procedure | Japan Corporate | Would a "Loan Claim" (as defined therein) constitute a Deliverable Obligation in the circumstances described here:? Link | Other | This question was submitted pursuant to section 3.8(b) (Other Determinations Relating to the Overall Market), as described here: Link | Closed | Question Rejected | More Info |
| 2009093001 | Barclays Bank PLC | 12/9/2009 | SK Corporation | Asia Corporate | Would the obligations of SK Energy (to the extent these were transferred by SK Corporation to SK Energy pursuant to the Reorganisation Plan) be recognised as an obligation of SK Holdings for the purposes of determining the Deliverable Obligations of a CDS referencing SK Corporation (now known as SK Holdings)? | Other | This request is addressed to the Asia Ex-Japan Determinations Committee pursuant to Section 3.8(b) of the Credit Derivatives Determinations Committee Rules. The purpose of this question is to clarify the consequences following from the Asia Ex-Japan Determinations Committee's recent decision that no Succession Event had occurred in respect of SK Corporation. | Closed | Question Dismissed | More Info |
| 2009120302 | GSO Capital Partners LP | 12/4/2009 | Hellas Telecom (Luxembourg) II | European Corporate | Has a Succession Event occurred with respect to Hellas Telecommunications (Luxembourg) II? | Succession Event | Link to further information provided: http://www.isda.org/uploadfiles/_docs/Issue_Number_2009120302_Supporting_information.doc
| 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 |
| 2009110201 | UBS AG | 11/19/2009 | 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 | Final Auction Terms Published | | More Info |
| 2009100203 | ING Bank N.V. | 10/27/2009 | Fortis Bank (Nederland) N.V. | European Corporate | Has a Succession Event occurred with respect to Fortis Bank (Nederland) N.V.? | Succession Event | On 01 September 2009, Fortis Bank (Nederland) N.V. has merged into Fortis Bank Nederland (Holding) N.V.
Link 1
Link 2 | 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 |
| 2009100501 | BNP Paribas | 10/27/2009 | Union Fenosa S.A. | European Corporate | Has a Succession Event occurred with respect to Union Fenosa S.A.? | Succession Event | Effective 1st September, 2009, Union Fenosa S.A. merged with and into Gas Natural SDG, S.A.
See Markit report - link
See press release on Gas Natural SDG, S.A.'s website - link | Closed | Question Decided | More Info |
| 2009102601 | BNP Paribas | 10/27/2009 | Britannia Building Society | European Corporate | Has a Succession Event occurred with respect to Britannia Building Society? | Succession Event | On Jan 21, 2009, the boards of Britannia Building Society and The Co-operative Financial Services jointly announced a merger between the two institutions.
The merger was approved on April 29, 2009. Effective Aug 1, 2009, Britannia Building Society merged with The Co-operative Bank plc and was dissolved and ceased to exist as a legal entity.
The merger was effected through a transfer of the business, assets and liabilities of Britannia to The Co-operative Bank plc under section 97 of the Building Societies Act 1986.
See:
http://www.co-operativebank.co.uk/images/pdf/Final_Prospectus_Perpetual_Subordinated_Bonds.pdf
and
http://www.co-operativebank.
co.uk/servlet/Satellite?c=Page&cid=1248250341250&pagename=Corp%2FPage%2FtplCorp
According to Investor Relations at The Co-operative Financial Services:
“Effective 1st August 2009 through use of section 97 of the Building Societies Act 1986, as modified by the Mutual Societies(Transfers) Order 2009 made under Section 3 of the Building Societies (Funding) and Mutual Societies (Transfers) Act 2007, all assets
and liabilities of Britannia Building Society were transferred to The Co-operative Bank p.l.c.
The issuances of Permanent Interest Bearing Shares (PIBs) by Britannia converted automatically into Perpetual subordinated bonds
(PSBs) of the Bank in accordance with their terms (which in turn derived from building society legislation) with effect from the merger
date.
In relation to all other forms of Britannia debt issued/in existence at merger, all agreements and deeds to which Britannia Building
Society was a party in respect of such debt are now construed as if The Co-operative Bank p.l.c had been the original party to the
agreement or deed and references in any such document to Britannia Building Society should be read as references to The Co-operative
Bank Plc. This change took effect from the merger date (1st August 2009) by operation of law.” | Closed | Question Decided | More Info |
| 2009051502 | Standard Bank plc via Clifford Chance | 10/27/2009 | JSC BTA Bank | Emerging European Corporate | Is the attached loan a Deliverable Obligation for the JSC BTA Bank Auction? | Other | | Closed | | 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 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 |
| 2009100101 | Americas DC Voting Members | 10/1/2009 | Petro-Canada | North American Corporate | Has a Succession Event occurred with respect to Petro-Canada? | Succession Event | See Markit report | Closed | Question Decided | More Info |
| 2009070801 | Landesbank Hessen-Thüringen Girozntrale | 8/17/2009 | CIBA Holding AG | European Corporate | Has a Succession Event occurred with respect to CIBA Holding AG? | Succession Event | http://www.basf.com/group/corporate/en/function/conversions:/publish/content/news-and-media-relations/news-releases/downloads/P206-Ciba-mail-e.pdf | Closed | Question Decided | More Info |
| 2009070101 | Landesbank Baden-Wuerttemberg | 8/17/2009 | UNION FENOSA S.A. | European Corporate | Has a Succession Event occurred with respect to UNION FENOSA S.A.? | Succession Event | http://portal.gasnatural.com/servlet/ContentServer?gnpage=3-10-1¢ralassetname=3-NOT-290609-JUNTAFENOSA¢ralassettype=Noticia
| Closed | Question Decided | More Info |
| 2009081401 | JP Morgan | 8/14/2009 | Dresdner Bank AG | European Corporate | Has a Succession Event occurred with respect to Dresdner Bank AG? | Succession Event | Please refer to the Historical Succession Event List. | 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 |
| 2009060201 | UBS AG | 6/3/2009 | BTA Bank JSC | Emerging European Corporate | Since a conference call is proposed for BTA's investors and creditors on Thursday, should the BTA auction be postponed until we have heard further information from that call? | Other | Link
| 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 |
| 2009042902 | JP Morgan Chase Bank | 6/1/2009 | JSC BTA Bank | European Corporate | Should there be an auction in respect of this Reference Entity | Other | Should there be an auction in respect of this Reference Entity | 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 |
| 200904152 | JPMorgan Chase Bank, N.A. | 5/27/2009 | Energy East Corporation | North American Corporate | Has a Succession Event occurred with respect to Energy East Corporation? | Succession Event | Press release showing bonds and loans
o/s | 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 | Supplemental List Published | 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 | | More Info |
| 2009051301 | CREDIT AGRICOLE ASSET MANAGEMENT | 5/15/2009 | SWISS REINSURANCE COMPANY | European Corporate | Has a Succession Event occurred with respect to SWISS REINSURANCE COMPANY? | Succession Event | Refer to this link from DTCC | Closed | Question Decided | More Info |
| 2009050703 | Credit Suisse | 5/8/2009 | The Bear Stearns Companies LLC | North American Corporate | Has a Succession Event occurred with respect to The Bear Stearns Companies LLC (formerly known as "The Bear Stearns Companies Inc.") on 2/27/09, with the result that JPMorgan Chase & Co. is the sole Successor in respect of such Reference Entity? | Succession Event | See Markit report | Closed | Question Decided | More Info |
| 2009050702 | Credit Suisse | 5/8/2009 | Wachovia Corporation | North American Corporate | Has a Succession Event occurred with respect to Wachovia Corporation on December 31, 2008, with the result that Wells Fargo & Company is the sole Successor in respect of such Reference Entity? | Succession Event | See Markit report | Closed | Question Decided | More Info |
| 2009042701 | Aurelius Capital Management, LP | 5/8/2009 | MBIA Insurance Corporation | North American Corporate | Has a Succession Event occurred with respect to MBIA Insurance Corporation? | Succession Event | Refer to http://www.isda.org/dc/docs/MBIAAdditionalInfo.pdf and http://www.isda.org/dc/docs/Aurelius Submission to Determinations Committee 5-4-09.pdf | Closed | Question Decided | More Info |
| 2009050701 | Credit Suisse | 5/8/2009 | National City Corporation | North American Corporate | Has a Succession Event occurred with respect to National City Corporation on December 31, 2008, with the result that The PNC Financial Services Group, Inc. is the sole Successor in respect of such Reference Entity? | Succession Event | http://idea.sec.gov/Archives/edgar/data/713676/000095012309000025/y73625ke8vk12b
http://news.prnewswire.com/DisplayReleaseContent.aspx?
http://idea.sec.gov/Archives/edgar/data/713676/000089882208001057/merger.htm
http://idea.sec.gov/Archives/edgar/data/713676/000089882208001057/final8ktomergeragmt.htm
http://www2.sos.state.oh.us/reports/rwservlet?imgc&Din=200900901480 | 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 |
| 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 |
| 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 |
| 200904166 | Primus Financial Products, LLC | 4/22/2009 | BAA Ltd. | European Corporate | Has a Succession Event occurred with respect to BAA Ltd.? | Succession Event | It appears that as of the end of August 2008, Baa Funding succeeded to all of the debt of Baa Ltd.
Is this a succession event | Closed | Question Dismissed | 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 |
| 200904151 | UBS AG | 4/16/2009 | The Dow Chemical Company | North American Corporate | Is Dow Chemical Company's guarantee of The Rohm and Hass Company's 6% due 9/15/2017 (CUSIP 775371AV9) is a Qualifying Affiliate Guarantee. | Other | On 1 April, the Dow Chemical Company completed its acquisition of The Rohm and Hass Company. In conjunction with the acquisition, DOW executed a guarantee of the ROH 6s due 2017 (see link below). We would like the DC to determine whether the guarantee is a Qualifying Affiliate Guarantee under the 2003 ISDA Credit Derivatives Definitions.
Link to the guarantee: http://www.sec.gov/Archives/edgar/data/84792/000094787109000309/ss60873_ex9902.htm | Closed | Question Dismissed | More Info |
