ISDA: Sino-Forest bankruptcy credit event occurs; CDS auction coming

By Caroline Salls

Pittsburgh, April 10 - The International Swaps and Derivatives Association, Inc. (ISDA) said a bankruptcy credit event has occurred for Sino-Forest Corp.

According to an ISDA news release, the association's Asia Ex-Japan Credit Derivatives Determinations Committee has determined that an auction will be held in connection with outstanding CDS transactions.

Toronto-based Sino-Forest is a commercial forest plantation operator in China. The company filed for proceedings under the Companies' Creditors Arrangement Act on March 30.

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