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Closed
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Final List Published
February 18, 2015: The DC met on Wednesday February 18, 2015, to consider a clarification to the Final List of Deliverable Obligations for Caesars and the RadioShack Auction Settlement Terms. The DC agreed to publish a revised version of the Final List of Caesars with a note regarding bonds that trade with a factor, and to reconvene on Friday February 20 to continue discussions on RadioShack.
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Final List Published
DC Decision 02182015
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Final List Published
Final List
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Final Auction Terms Published
Final Auction Settlement Terms for Caesars Entertainment Operating Company, Inc.
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Supplemental List Published
DC Decision 02132015
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Supplemental List Published
Supplemental List
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Initial List Published
DC Decision 02112015
In determining which obligations should be included on the Initial List of Deliverable Obligations, the DC took into account legal advice from the DC’s external counsel regarding the application of the “Not Contingent” Deliverable Obligation Characteristic to a gaming authority redemption provision that is a common feature of all CEOC’s bonds (and casino bonds more generally), and which relates to gaming laws in states where CEOC operates. After reviewing external counsel’s legal advice and considering the issue, the DC resolved to include the CEOC bonds on the Initial List because, among other reasons, excluding the CEOC bonds due solely to a technical reading of the gaming authority redemption provision, the operation of which is largely within the control of the bondholders, would frustrate the central purpose of credit derivative transactions referencing CEOC.
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Initial List Published
February 10, 2015: The DC met on Tuesday February 10, 2015, to continue discussions on the Caesars and RadioShack CDS Auctions. The DC agreed to publish details of the auction for Caesars and to publish an Initial List and auction date guidance for RadioShack. The DC agreed to reconvene on Wednesday February 18 to continue discussions on RadioShack.
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Initial List Published
DC Decision 02102015
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Initial List Published
February 9, 2015: The DC met on Monday February 9, 2015, to continue discussions on the Caesars CDS Auction and the RadioShack Bankruptcy question. The DC agreed to vote by email to publish an Initial List for Caesars, and resolved the Bankruptcy Credit Event questions for RadioShack and to hold a CDS Auction for RadioShack. The DC agreed to reconvene on Tuesday February 10 to continue discussions.
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Initial List Published
DC Decision 02092015
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Ongoing
DC Decision 02092015
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Ongoing
February 5, 2015: The DC met on Thursday February 5, 2015 to continue discussions on the Caesars CDS Auction. The DC began considering the results of a review of the terms of the bonds on the Preliminary List and resolved to publish the Initial List of Deliverable Obligations by Monday, February 9. The DC agreed to reconvene on Monday February 9 to continue discussions.
DC Decision 02052015
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Ongoing
February 4, 2015: The DC met on Wednesday February 4, 2015, to continue discussions on the Caesars CDS Auction. The DC agreed to reconvene on Thursday February 5 to continue discussions.
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Ongoing
January 29, 2015: The DC met on Thursday January 29, 2015, to continue discussions on the Caesars CDS Auction. The DC agreed to reconvene on Wednesday February 4 to continue discussions.
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Ongoing
DC Decision 01282015
January 28, 2015: The DC met on Wednesday January 28, 2015, to continue discussions on the Caesars CDS Auction. The DC agreed to reconvene on Thursday January 29 to continue discussions.
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Ongoing
January 26, 2015: The DC met on Monday January 26, 2015, to begin identifying which obligations might be potential Deliverable Obligations for the Caesars CDS Auction. The DC agreed to reconvene on Wednesday January 28 to continue discussions.
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Ongoing
January 16, 2015: The DC met on Friday January 16, 2015, to discuss DC questions 2015011501 (Caesars Bankruptcy), 2014121901 and 2014122202 (Caesars Failure to Pay) and 2014121701 (FIA Card Services Successor). The DC resolved the Caesars Bankruptcy question. In relation to the External Review of the Caesars Failure to Pay questions, the DC resolved (a) to confirm a number of Potential Pool Members (the names will be posted on the ISDA website once the individuals adhere to the standard Terms of Engagement and thereby become Pool Members under Section 4.2(c) of the DC Rules) and (b) to publish a form of Reviewable Question and Statement of Facts. The DC agreed to vote on the FIA Card Services Successor question by email by the voting deadline of 5pm New York time on Wednesday January 21, 2015. The DC agreed to reconvene on Tuesday January 20 to review progress and continue discussions on the Caesars questions.
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Ongoing
DC Decision 01162015
The DC Resolved that a Bankruptcy Credit Event occurred with respect to Caesars Entertainment Operating Company, Inc. ("Caesars") on January 15, 2015 and that an Auction will be held. The DC agreed to defer consideration of the date of the Auction (and crystallization of the Event Determination Date would not occur) until a final External Review decision is reached in the Caesars Failure to Pay questions (DC Questions 2014121901 and 2014122202). The DC intends that if the final decision in the External Review process is that a Failure to Pay Credit Event did occur, then a single Auction would be held and a single Event Determination Date determined for all CDS contracts referencing Caesars.
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Request Accepted by DC
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Pending DC Consent
