The International Swaps and Derivatives Association, Inc. (ISDA) today announced that an External Review Panel of the Americas Determinations Committee resolved that a failure to pay credit event did not occur in respect of Caesars Entertainment Operating Company in December 2014.
On January 16, 2015, ISDA announced that its Americas Credit Derivatives Determinations Committee resolved that a bankruptcy credit event occurred on January 15, 2015 in respect of Caesars. The Committee also resolved to hold an auction in respect of outstanding CDS transactions.ISDA will publish further information regarding the auction on its website, www.isda.org/credit, in due course.
