Sabine Oil & Gas CDS transactions to be settled via June 23 auction

By Angela McDaniels

Tacoma, Wash., June 8 – The auction to settle outstanding credit default swap transactions referencing Sabine Oil & Gas Corp. will be held June 23, according to Creditex Group Inc. and Markit Group Ltd.

As previously reported, the International Swaps and Derivatives Association, Inc.’s Americas credit derivatives determinations committee resolved that a failure-to-pay credit event occurred for Sabine and that an auction would be held.

The company did not make the interest payment due on its second-lien credit agreement following the expiration on May 21 of the 30-day grace period.

Formerly Forest Oil Corp., Sabine is an oil and gas company based in Houston.

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