On December 1, 2009 the Credit Derivatives Determination Committee for EMEA resolved that a Bankruptcy Credit Event has occurred with respect to Thomson and the date of the Credit Event is 30 November 2009. The EMEA Determination Committee also resolved that an auction will be held to settle relevant transactions with respect to this Bankruptcy Credit Event. This page contains details of the DC Resolutions, auction documentation and other items relating to the auction for this Thomson Bankruptcy Credit Event.
Further documentation relating to the auction will be added as it becomes available.
Event Publicly Available Information:
On 30 November 2009 Thomson requested and obtained the opening of a "sauvegarde" proceeding in the Tribunal de Commerce de Nanterre, constituting a Bankruptcy under one or more of the subsections of Section 4.2 of the Credit Derivatives Definitions, in particular 4.2(d) and/or (f). PAI is available in the form of a press release on the Thomson website
| Auction Timeline: | http://www.cdsdeterminationscommittees.org/companies/ISDACreditAuctionTimeline.pdf |
| Deliverable Obligations: | Final List
Please note the following in respect of the Revolving Loan Facility in respect of this Thomson Bankruptcy Credit Event: (i) the Auction Settlement Terms relating to the Thomson Bankruptcy Credit Event have been amended such that a Buyer under a RAST is not obliged to provide an indemnity to Seller in relation to any undrawn portion of the Revolving Loan Facility Delivered to Seller (see sub-paragraph (l)(xiii) of the form of RAST set out in the Auction Settlement Terms); (ii) Buyer is not required to make any payment to Seller in respect of any undrawn portion of the Revolving Loan Facility Delivered to Seller; and (iii) the Auction Settlement Terms also include provisions dealing with circumstances in which the portion of the Revolving Loan Facility which is Delivered is drawn in a currency other than the base currency thereof (see sub-paragraphs (l)(iii), (l)(vii) and (l)(ix) of the form of RAST set out in the Auction Settlement Terms). |
| Auction Settlement Terms: | Thomson Bankruptcy Credit Event Auction Settlement Terms
Amended Thomson Bankruptcy Credit Event Auction Settlement Terms were published on 8 December reflecting the following changes: the Originally Scheduled Subsequent Bidding Period was changed to 11:30 a.m. until 12 noon (from 12.30 p.m. until 1 p.m.); and |
| List of Participating Bidders: | List of Participating Biddders |
| Related Press Releases: | |