Auction to be held to settle Hayes Lemmerz subsidiary loan-only CDS

By Angela McDaniels

Tacoma, Wash., May 13 - LCDX dealers voted to hold an auction for loan-only credit default swap transactions referencing Hayes Lemmerz International, Inc. subsidiary HLI Operating Co., Inc., according to a news release from the International Swaps and Derivatives Association, Inc.

Hayes Lemmerz made a pre-packaged Chapter 11 bankruptcy filing Monday in the U.S. Bankruptcy Court for the District of Delaware. The Chapter 11 case number is 09-11655.

The auction will be administered by Markit Group Ltd. and Creditex Group Inc.

ISDA said it will publish the auction terms on its web site.

Hayes Lemmerz is a Northville, Mich., maker of automotive and commercial highway wheels.

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