Overseas Shipholding CDS settlement auction brings final price of 35.5

By Susanna Moon

Chicago, Dec. 6 - Overseas Shipholding Group, Inc.'s credit default swap trades brought a final price of 35.5 at an auction held Thursday, according to a notice from auction administrators Markit Group Ltd. and Creditex Group Inc.

Twelve dealers submitted initial markets, physical settlement requests and limit orders to the auction to settle trades.

As previously reported, the International Swaps and Derivatives Association, Inc. said on Nov. 15 that its Americas Credit Derivatives Determinations Committee determined that a bankruptcy credit event occurred for Overseas Shipholding Group, Inc.

Overseas Shipholding is a New York-based tanker company. It filed for Chapter 11 bankruptcy on Nov. 14. The case number is 12-20000.

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