Intrum AB

Event Publicly Available Information:

Has a Bankruptcy Credit Event occurred with respect to Intrum AB?

The Eligible Market Participant asked if a Bankruptcy Credit Event had occurred with respect to the Reference Entity. The Eligible Market Participant who submitted the DC Question provided the following link in support of their question:

https://www.marketscreener.com/quote/stock/INTRUM-AB-41094252/news/Intrum-initiates-court-supervised-process-in-the-U-S-to-implement-its-Recapitalisation-Transactio-48382016/


Deliverable Obligations	Final List

Upcoming DC Meetings
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Additional Information

Issue Number:

2024111503

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 Definitions

Status:

Draft Auction Terms Published

Outcome:

Question Decided
Procedural History
- Draft Auction Terms Published
  
  Draft Auction Settlement Terms
  Compare against the Casino Guichard-Perrachon S.A. Auction Settlement Terms
  Eligible Market Participants that wish to submit comments in relation to the draft Auction Settlement Terms must do so by 5pm London time on Tuesday, 24 December 2024.
  DC Secretary contact details
  12/17/2024 06:00am EST
- Final List Published
  
  Final List
  12/17/2024 06:00am EST
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement – 17 December 2024
  The EMEA DC met on 16 December 2024 and agreed to publish the draft Auction Settlement Terms in relation to Intrum AB.
  Pursuant to Section 3.2(d) of the DC Rules, the EMEA DC agreed that Eligible Market Participants that wish to submit comments in relation to the draft Auction Settlement Terms must do so by 5pm London time on Tuesday 24 December 2024.
  Eligible Market Participants should note that, as previously stated in its meeting statements and the Initial List, the EMEA DC is aware that the Reference Entity has entered into a lock-up agreement with certain of its creditors. The draft Auction Settlement Terms include a provision stating that:
  “In connection with the settlement of Representative Auction-Settled Transactions, (A) in accordance with Section 11.2(b) of the 2014 Definitions, a Seller under a Representative Auction-Settled Transaction (including any relevant business unit of a Seller through which such Seller is entering into, booking or otherwise acts in respect of such Representative Auction-Settled Transaction, as confirmed by the Seller in its sole discretion) is not obliged to adhere to any lock-up agreement or co-operation agreement or otherwise enter into any arrangement to participate in any new money financing of the Reference Entity, and (B) a Buyer cannot Deliver to Seller any Deliverable Obligation which is subject to any lock-up agreement or co-operation agreement under a Representative Auction-Settled Transaction where the Seller intends to on-Deliver such Deliverable Obligation to any other Seller under any other Representative Auction-Settled Transaction (including any relevant business unit of the relevant Seller through which such Seller is entering into, booking or otherwise acts in respect of such Representative Auction-Settled Transaction, as confirmed by such Seller in its sole discretion) who would be required to adhere to any lock-up agreement or co-operation agreement or otherwise enter into any arrangement to participate in any new money financing of the Reference Entity in order to take Delivery of such Deliverable Obligation.”
  12/17/2024 06:00am EST
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement – 13 December 2024
  The EMEA DC met today to continue discussions on the Auction Settlement Terms in relation to Intrum AB. The EMEA DC intends to publish a set of draft Auction Settlement Terms during the course of next week and will meet again on Monday 16 December to continue discussions.
  12/13/2024 12:30pm EST
- Ongoing
  
  EMEA DC Meeting Statement – 12 December 2024
  The EMEA DC met on 12 December to continue discussions around the Draft Auction Settlement Terms in relation to Intrum AB. The EMEA DC will meet again on 13 December 2024 to continue discussions.
  12/12/2024 10:45am EST
- Ongoing
  
  EMEA DC Meeting Statement – 11 December 2024
  The EMEA DC met on 11 December to continue discussions around the Draft Auction Settlement Terms in relation to Intrum AB. The EMEA DC will meet again on 12 December 2024 to continue discussions.
  12/11/2024 02:50pm EST
- Ongoing
  
  EMEA DC Meeting Statement – 6 December 2024
  The EMEA DC met on 6 December to continue discussions with respect to settlement of 2014 Transactions referencing Intrum AB. The EMEA DC has previously announced that an Auction will be held on 16 January 2025. The EMEA DC will meet again on 10 December 2024 to continue discussions with respect to the Draft Auction Settlement Terms.
  Note: The above call has been rescheduled to 11 December 2024.
  12/06/2024 05:30pm EST
- Ongoing
  
  Initial List - Challenge Window Expiry
  No valid challenges were received in respect of the Initial List prior to the expiry of the Challenge Window at 5pm London time.
  12/06/2024 03:00pm EST
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement – 4 December 2024
  The EMEA DC previously announced that it was intending to hold an Auction in the week commencing 9 December 2024. However, following further deliberation, the Auction Date has now been set under DC Rule 3.2(b)(i) as Thursday 16 January 2025. This determination was made following further feedback on the basis that (i) an Auction during the week commencing 9 December 2024 would cause the Physical Settlement Period to run across the winter holiday period, and (ii) the Physical Settlement Period is important to the settlement of Representative Auction Settled Transactions.
  12/04/2024 12:40pm EST
- Initial List Published
  
  Initial List
  DC Decision
  EMEA DC Meeting Statement – 3 December 2024
  The EMEA DC met on 3 December to continue discussions with respect to settlement of 2014 Transactions referencing Intrum AB and will meet again on 4 December.
  The EMEA DC received no additional submissions prior to the expiry of the deadline for additional obligations to be submitted for the Initial List, and accordingly agreed to publish the Initial List of Deliverable Obligations for the purposes of the Auction.
  To the extent that Eligible Market Participants wish to challenge the inclusion or absence of an obligation on the Initial List, they should do so before 5pm London time on Friday 6 December 2024, and in accordance with the procedures described in the document on Submission of Potential Deliverable Obligations and Challenges.
  Submission of Potential Deliverable Obligations and Challenges
  DC Secretary’s contact details
  12/03/2024 03:45pm EST
- Ongoing
  
  EMEA DC Meeting Statement – 2 December 2024
  The EMEA DC met on 2 December 2024 to continue discussions around settlement of credit derivative transactions in relation to Intrum AB. The EMEA DC agreed to meet again on Tuesday 3 December 2024 to continue discussions.
  12/02/2024 10:20am EST
- Ongoing
  
  EMEA DC Meeting Statement – 27 November 2024
  The EMEA DC met on 27 November 2024 to continue discussions around settlement of credit derivative transactions in relation to Intrum AB. The EMEA DC agreed to meet again on Monday 2 December 2024 to continue discussions.
  11/27/2024 10:25am EST
- Preliminary List Published
  
  Preliminary List
  Submission of Potential Deliverable Obligations and Challenges
  DC Secretary’s contact details
  11/26/2024 02:35pm EST
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement – 26 November 2024
  The EMEA DC met on 26 November 2024 to discuss settlement with respect to Intrum AB. The EMEA DC agreed to hold an Auction and to publish the Preliminary List of Deliverable Obligations for the purposes of the Auction.
  The EMEA DC intends to hold the Auction in the week commencing 9 December 2024 and will confirm the date in due course. The EMEA DC agreed to meet again on 27 November 2024 to continue discussions with respect to the Auction.
  In light of Thanksgiving in the United States, pursuant to Section 3.3(f) of the DC Rules, the EMEA DC also agreed to extend the deadline for submission of additional obligations for consideration by the EMEA DC for inclusion on the Initial List of potential Deliverable Obligations to 5pm London time on Tuesday 3 December 2024. The EMEA DC also agreed to vary the timing for the publication of the Preliminary List in order to facilitate holding an Auction in the week commencing 9 December 2024.
  To the extent that Eligible Market Participants wish to submit additional obligations for inclusion on the Initial List, they should do so before the above deadline, and in accordance with the procedures described in the document on Submission of Potential Deliverable Obligations and Challenges.
  11/26/2024 02:35pm EST
- Ongoing
  
  EMEA DC Meeting Statement – 21 November 2024
  The EMEA DC met on 21 November 2024 to commence discussions around settlement of credit derivative transactions in relation to Intrum AB. The EMEA DC agreed to meet again in due course.
  11/21/2024 10:45am EST
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement – 19 November 2024
  The EMEA DC met on 19 November 2024 to commence discussions around the DC Question in relation to Intrum AB. The DC Question was raised to the EMEA DC as the relevant Transaction Type is Standard European Corporate / European Corporate.
  The EMEA DC noted that the supporting information provided by the Eligible Market Participant who submitted the DC Question contained a copy of the text of the press release and a pdf copy of the press release from the Reference Entity, and determined that this constituted information received from or published by the Reference Entity for the purposes of Section 1.35(a)(ii) of the 2014 Definitions. As the DC Question was raised after the cut-off time on Friday 15 November, the relevant date for the purposes of Section 2.1(b) of the DC Rules is Monday 18 November 2024.
  The EMEA DC noted that the Reference Entity filed a voluntary petition for the relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas on Friday 15 November 2024. The EMEA DC determined that this constituted a Credit Event under Section 4.2(d) of the 2014 Definitions as the Reference Entity had instituted a proceeding seeking a judgment of insolvency or bankruptcy.
  Accordingly, the EMEA DC determined that a Bankruptcy Credit Event occurred on 15 November 2024.
  The EMEA DC will meet again on Thursday 21 November 2024 to discuss settlement of the 2014 Transactions referencing Intrum AB.
  11/19/2024 02:20pm EST
- Request Accepted by DC
  
  11/15/2024 05:00pm EST
- Pending DC Consent
  
  11/15/2024 04:00pm EST