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ISDA committee opts to hold auction for Naftogaz of Ukraine
By Jennifer Chiou
New York, Oct. 14 - The International Swaps and Derivatives Association, Inc. announced that its EMEA credit derivatives determinations committee has resolved that a failure-to-pay credit event occurred for NJSC Naftogaz of Ukraine.
In turn, the committee voted to hold an auction for Naftogaz.
Specifically, the company is reported to have failed to repay principal on a $500 million eurobond that was due on Sept. 30.
As previously reported, a formal bondholders meeting to consider the company's proposed debt restructuring is scheduled for Oct. 19.
The auction will be administered by Markit and Creditex.
Naftogaz is a Kiev, Ukraine, energy company.
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