Event Publicly Available Information:
To the extent Fallback Settlement (as defined in the 2014 CDS Definitions) applies, what are the Deliverable Obligations for each restructuring bucket in respect of Vue Entertainment International Limited. This question is asked in contemplation of Section 3.8(b) of the DC Rules, and is in line with the recent standard DC practice to produce a Final List for Fallback Settlement. This question is also an important pre triggering uniform determination for various products potentially subject to Fallback Settlement including single name CDS, index component trades and index tranches, as well as for cleared transactions generally. It is understood that DC members or the DC counsel may need to see at least some details of the relevant loans under NDA in order to make this determination. It is also anticipated that existing lenders and if necessary the company itself may assist in providing the relevant documentation.
| Date | Description | Document |
|---|---|---|
| Closed | EMEA DC Meeting Statement - 26 July 2023 The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Thursday 27 July 2023 to continue discussions. Note: This DC Question has been closed. Further updates with respect to the Reference Entity will be published on the page for DC Issue 2023020201. | |
| Ongoing | ||
| Ongoing | EMEA DC Meeting Statement - 18 July 2023 The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC is currently deliberating the issues set out in the EMEA DC Meeting Statement published on 28 June 2023, and agreed to meet again on 21 July 2023 to continue discussions. | |
| Ongoing | EMEA DC Meeting Statement – 28 June 2023 The EMEA DC has made efforts to obtain the relevant documentation in respect of the debt of Vue Entertainment International Limited in order to assist with settlement of Transactions that reference Vue Entertainment International Limited (being the sole Successor to Vue International Bidco plc). The EMEA DC is aware that market participant(s) are also seeking to obtain such documentation in order to provide it, in a form in which is acceptable for the EMEA DC to review. The EMEA DC has agreed to provide any such market participants with a short amount of additional time to progress discussions with the Reference Entity. The EMEA DC will continue to meet regularly and will monitor progress and, after the lapse of such short period, the EMEA DC will aim to finalise its deliberations. The EMEA DC notes that an Eligible Market Participant has submitted a question to the EMEA DC (DC Issue Number 2023062601) relating to Section 3.32(a) of the 2014 Definitions and another potential issue was previously raised relating to the same section. The EMEA DC will aim to respond in respect of such matters when finalising its deliberations. As per the EMEA DC Meeting Statement of 15 June 2023, if market participants are aware of any obligations (other than the Reinstated Facility or the Super Senior Facility) that may be Deliverable Obligations and are able to represent to the EMEA DC that such obligations are outstanding, please contact the DC Secretary.
Note: The meeting originally scheduled for Wednesday 5 July 2023 was rescheduled to Monday 10 July 2023 given other DC matters. Further note: The meeting rescheduled for Monday 10 July 2023 was further rescheduled to Wednesday 12 July 2023 given other DC matters. | |
| Request Accepted by DC | Note: Pursuant to DC Rule 2.4(b), the EMEA DC agreed to defer holding the first meeting to deliberate this DC Question to Monday, 26 June 2023. | |
| Pending DC Consent |