ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.

NEWS RELEASE

For Immediate Release, Monday, June 15, 2009

For More Information, Please Contact:

Deirdre Leahy, ISDA New York, +1 212-901-6021, dleahy@isda.org

Cesaltine Gregorio, ISDA New York, +1 212-901-6019, cgregorio@isda.org

Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org 

 

ISDA to Publish Auction Terms for Six Flags

 

NEW YORK, Monday, June 15, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Americas Credit Derivatives Determinations Committee resolved that a bankruptcy credit event occurred in respect of Six Flags, Inc., one of the world's largest regional theme park companies. The Committee also voted to hold an auction for Six Flags, Inc. Separately, LCDX dealers voted to hold an auction for loan-only CDS transactions referencing Six Flags Theme Parks Inc.

 

On June 13, Six Flags, Inc. and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. The petitions were filed in the US Bankruptcy Court for the District of Delaware.

 

ISDA will facilitate the process by publishing the auction terms on its website www.isda.org/credit, in due course. The auction will be administered by Markit and Creditex.

 

About ISDA

ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has over 830 member institutions from 57 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.


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