ISDA to publish protocol, auction terms for settlement of Station Casinos CDSs

By Jennifer Chiou

New York, March 4 - The International Swaps and Derivatives Association, Inc. said it will launch a credit default swap auction protocol to facilitate the settlement of credit derivatives trades referencing Station Casinos, Inc.

Station Casinos was reported to have failed to make a payment due Feb. 1 on $450 million of 6½% notes due 2014, according to an ISDA news release.

The 30-day grace period expired on Tuesday.

ISDA said the auction terms will be published on its web site.

Station Casinos is a Las Vegas-based casino company.

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