ISDA to hold auction to settle Portugal Telecom credit default swaps

By Angela McDaniels

Tacoma, Wash., July 1 – The International Swaps and Derivatives Association, Inc. announced that its EMEA credit derivatives determinations committee resolved that a bankruptcy credit event occurred for Portugal Telecom International Finance BV.

The committee also resolved to hold an auction for outstanding credit default swap transactions referencing the company.

Portugal Telecom’s parent company, Oi SA, made a Chapter 15 bankruptcy filing on June 21 in the U.S. Bankruptcy Court for the Southern District of New York to gain U.S. court recognition of its Brazilian judicial reorganization proceedings.

Oi is a Rio de Janeiro-based telecommunications service provider. The Chapter 15 case number is 16-11791. Portugal Telecom International Finance is a financing subsidiary based in Amsterdam.

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