Credit Derivatives Determinations Committee » Mitsubishi Chemical Corporation

Event Publicly Available Information:

Mitsubishi Chemical Holdings Corporation (“MCHC”), effective as of March 28, 2016, announced an absorption-type split-off of the existing bond administration operations (“Businesses”) of its wholly owned subsidiaries Mitsubishi Chemical Corporation (“MCC”) and Mitsubishi Plastics, Inc. (“MPI”).
As a result, MCHC will succeed to the rights and obligations of the Businesses split off from MCC and MPI.

The Succession of these liabilities by MCHC will be dealt with under the method of non-cumulative taking of obligations.
English version press release
Japanese version press release

Date	Description	Document
2/15/2017 12:45pm EST	Closed	Japan DC Decision 15022017 February 15, 2017: The Legal Subcommittee of the Japan Determinations Committee (LSC) considered and discussed over the course of a number of meetings the question as to whether a Succession Event occurred in respect of Mitsubishi Chemical Corporation (Mitsubishi) on or about 28 March 2016 with Mitsubishi Chemical Holdings Corporation as a potential Successor. The LSC considers that it does not have sufficient publicly available information to enable the Determinations Committee (DC) to determine the aggregate outstanding amount of Relevant Obligations (other than Bonds) held by Mitsubishi immediately prior to the potential Succession Event. As such, the DC is unable to make the percentage calculations required to resolve this issue pursuant to Section 2.2 of the ISDA 2003 Credit Derivatives Definitions and the ISDA 2014 Credit Derivatives Definitions respectively. Accordingly, in the absence of sufficient public information available to enable the DC to fully consider and resolve this issue, the DC resolved that this issue is dismissed.
4/19/2016 12:05pm EDT	Request Accepted by DC	Pursuant to the standing resolution passed by the Japan Determinations Committee (DC) on July 7, 2010, the first meeting of the Japan DC to deliberate the DC Questions relating to this DC Issue has been deferred pending deliberation of such DC Questions by the Japan DC legal subcommittee. Please refer to Japan_DC_Standing_Resolution_070710.
4/18/2016 05:10am EDT	Pending DC Consent

Date

Description

Document

2/15/2017 12:45pm EST

Closed

Japan DC Decision 15022017

February 15, 2017: The Legal Subcommittee of the Japan Determinations Committee (LSC) considered and discussed over the course of a number of meetings the question as to whether a Succession Event occurred in respect of Mitsubishi Chemical Corporation (Mitsubishi) on or about 28 March 2016 with Mitsubishi Chemical Holdings Corporation as a potential Successor. The LSC considers that it does not have sufficient publicly available information to enable the Determinations Committee (DC) to determine the aggregate outstanding amount of Relevant Obligations (other than Bonds) held by Mitsubishi immediately prior to the potential Succession Event. As such, the DC is unable to make the percentage calculations required to resolve this issue pursuant to Section 2.2 of the ISDA 2003 Credit Derivatives Definitions and the ISDA 2014 Credit Derivatives Definitions respectively. Accordingly, in the absence of sufficient public information available to enable the DC to fully consider and resolve this issue, the DC resolved that this issue is dismissed.

4/19/2016 12:05pm EDT

Request Accepted by DC

Pursuant to the standing resolution passed by the Japan Determinations Committee (DC) on July 7, 2010, the first meeting of the Japan DC to deliberate the DC Questions relating to this DC Issue has been deferred pending deliberation of such DC Questions by the Japan DC legal subcommittee.

Please refer to Japan_DC_Standing_Resolution_070710.

4/18/2016 05:10am EDT

Pending DC Consent