ISDA EMEA Credit Derivatives Determinations Committee: Norske Skogsindustrier ASA Failure To Pay Credit Event

The International Swaps and Derivatives Association, Inc. (ISDA) today announced that its EMEA Credit Derivatives Determinations Committee resolved that a failure to pay credit event occurred in respect of trades entered into using the 2014 ISDA Credit Derivatives Definitions and with Norske Skogsindustrier ASA as a Reference Entity.

The Committee also resolved to hold an auction in respect of those outstanding CDS transactions entered into using the 2014 ISDA Credit Derivatives Definitions. ISDA will publish further information regarding the auction on its website, www.isda.org/credit, in due course.

ISDA will publish further information regarding trades entered into using the 2003 ISDA Credit Derivatives Definitions, as supplemented, in due course.