ISDA®
INTERNATIONAL
SWAPS AND DERIVATIVES ASSOCIATION, INC.
NEWS RELEASE
For Immediate Release, Wednesday, March 4, 2009
For
More Information, Please Contact:
Cesaltine Gregorio, ISDA New York, +1 212-901-6019, cgregorio@isda.org
Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
Station
Casinos was reported to have failed to make a payment due February 1 on
$450 million of 6.5 percent notes due in 2014. The 30-day grace period expired
on Tuesday, March 3.
ISDA will facilitate the process by publishing the Protocol and
auction terms on its website www.isda.org,
in due course. The Protocol will be open to ISDA members and non-members alike.
About ISDA
ISDA, which represents participants in the privately negotiated derivatives industry, is the largest global financial trade association, by number of member firms. ISDA was chartered in 1985, and today has over 800 member institutions from 56 countries on six continents. These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site: www.isda.org.
®ISDA is a registered trademark of the International
Swaps and Derivatives Association, Inc.