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Seat Pagine auction to settle credit default swaps to be held Friday
By Susanna Moon
Chicago, Dec. 5 - Seat Pagine Gialle SpA's credit derivative trades will be settled by auction on Dec. 9, according to Markit and Creditex.
The International Swaps and Derivatives Association, Inc. said on Dec. 1 that an auction would be held for outstanding Seat Pagine credit default swaps.
ISDA previously said its EMEA credit derivatives determinations committee made the decision to hold the auction after it resolved that a failure-to-pay credit event occurred.
As previously noted, Seat Pagine Gialle failed to fund the coupon payment due Oct. 31 on the 8% notes due 2014 issued by Lighthouse International Co. SA within the 30-day grace period.
The company said it lacked sufficient financial resources to make the coupon payment and that it reached an agreement on the main terms of a consensual restructuring with a bondholders committee and a senior coordinating committee. The latter committee requested an extension of the Nov. 28 deadline for giving a formal response.
Seat Pagine Gialle is a yellow pages company based in Torino, Italy.
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