ISDA sets auction dates for Chemtura, Great Lakes, Rouse, LyondellBasell

By Jennifer Chiou

New York, March 26 - The International Swaps and Derivatives Association, Inc. announced the auction dates for the settlement of credit derivative trades for four companies.

According to Creditex, the auction date for Chemtura Corp. and Great Lakes Chemical Corp. is April 14 while Rouse Co. LP's is April 15 and LyondellBasell Industries AF SCA's is on April 16.

Chemtura, a Middlebury, Conn.-based manufacturer and seller of specialty chemicals and polymer products, filed for bankruptcy on March 18 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-11233. Great Lakes merged with Crompton Corp. in 2005 to form Chemtura.

Rouse is a subsidiary of General Growth Properties, Inc., a Chicago-based real estate company. Rouse reportedly failed to pay more than $2 billion in debt on March 16.

LyondellBasell is a Netherlands-based petrochemicals producer. The company reportedly failed to pay more than $2 billion in debt on March 16. The company missed a payment due on Feb. 15, and a 30-day grace period expired on March 19.

ISDA is based in New York and represents participants in the privately negotiated derivatives industry. Creditex is a New York-based subsidiary of IntercontinentalExchange, Inc. that provides execution and processing of credit derivatives.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.