Sterling Biotech CDS settlement auction will not be held, ISDA says

By Angela McDaniels

Tacoma, Wash., May 25 - No auction will be held for outstanding credit default swap transactions referencing Sterling Biotech Ltd., according to a news release from the International Swaps and Derivatives Association, Inc.

ISDA's Asia ex-Japan credit derivatives determinations committee resolved that a failure-to-pay credit event occurred in relation to the company.

The company failed to repay $184 million of zero-coupon convertible bonds at maturity on May 16, according to a Bloomberg report.

Sterling Biotech is a Mumbai-based manufacturer of pharmaceutical gelatin.

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