ISDA®
INTERNATIONAL
SWAPS AND DERIVATIVES ASSOCIATION, INC.
NEWS RELEASE
For Immediate Release, Tuesday, December 9, 2008
For More Information, Please Contact:
Louise Marshall, ISDA New York, +1 212-901-6014, lmarshall@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
NEW YORK, Tuesday, December 9, 2008 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it plans to launch a CDS auction protocol to facilitate the settlement of credit derivatives trades (other than loan-only CDS transactions) referencing Tribune Company, a Chicago-based media conglomerate. Tribune Co. announced on Monday, December 8 that it is voluntarily restructuring its debt obligations under the protection of Chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
In addition, LCDX dealers are expected to vote today on
whether to hold an auction for loan-only CDS transactions referencing Tribune.
ISDA will publish auction terms for this auction, similarly to the
documentation for the Masonite and Hawaiian Telcom loan-only CDS auctions.
ISDA will publish further details on the Protocol and the loan-only CDS auction in due course.
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 approximately 850 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.
®ISDA is a registered trademark of the
International Swaps & Derivatives Association, Inc.