Seat PagineGialle S.P.A. External Review
On November 28, 2011, the EMEA Credit Derivatives Determinations Committee (the "DC") voted on the question of whether a Failure to Pay Credit Event had occurred in respect of SEAT PAGINEGIALLE S.P.A. The relevant supermajority of DC members required for the question to be decided was not reached.
The DC Rules provide that where the DC does not reach a supermajority on a question raised to it, the question is to be referred to a panel of three independent experts who will decide the question. This page contains details of that External Review process.
Further information will be published as it becomes available.
| Timeline: |
For the purposes of the timetable set out in the DC Rules, the DC has agreed that November 29, 2011 will be considered to be the date on which the question is referred to the External Review process.
Accordingly, the Submission Deadline for Written Materials will be December 8, 2011.
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| Written Materials: |
Any ISDA Member may submit Written Materials in support of either Presented Position to the External Review Panel, via the DC Secretary (dcsecretary@isda.org), up to 5pm, London time, on December 8, 2011.
Written Materials must comply with the requirements of the DC Rules, as set out in section 4.5(c) of the DC Rules.
Section 4.5(c) of the DC Rules
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| Reviewable Question: |
Has a Failure to Pay Credit Event occurred on 4 November 2011 with respect to Seat PagineGialle S.P.A. ("Seat") under the loan agreement dated 22 April 2004 between Seat and Lighthouse International Company S.A?
Accordingly, the "Presented Positions" (as defined in the DC Rules) are as follows:
Yes, a Failure to Pay Credit Event occurred on 4 November 2011 with respect to Seat PagineGialle S.P.A. ("Seat") under the loan agreement dated 22 April 2004 between Seat and Lighthouse International Company S.A.; and
No, a Failure to Pay Credit Event did not occur on 4 November 2011 with respect to Seat PagineGialle S.P.A. ("Seat") under the loan agreement dated 22 April 2004 between Seat and Lighthouse International Company S.A..
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| Related DC Resolutions:
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EMEA Determination Committee Decisions
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