For Immediate Release
ISDA Americas Credit Derivatives Determinations Committee: iHeart Communications, Inc. Failure to Pay Credit Event
NEW YORK, December 21, 2016 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its Americas Credit Derivatives Determinations Committee resolved that a failure to pay credit event occurred in respect of iHeart Communications, Inc.
The Committee also resolved to hold an auction in respect of outstanding CDS transactions. ISDA will publish further information, including the timing of the auction, on its website, www.isda.org/credit, in due course.
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About the Determinations Committees
The ISDA Credit Derivatives Determinations Committees (DCs) each comprise 10 sell-side and five buy-side voting firms, alongside three consultative firms and central counterparty observer members. Their role is to apply the terms of market-standard credit derivatives contracts to specific cases, and make factual determinations on Credit Events, Successor Reference Entities and other issues, based on information provided to the DCs by credit default swap (CDS) market participants. The DCs are also responsible for determining whether a CDS Auction should be held following a Credit Event. The determinations are governed by the Determinations Committee Rules. ISDA acts as a non-voting secretary to each DC, and endeavors to co-ordinate this process in a transparent and operationally efficient manner.