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ARTICLE · 07 APRIL 2017

Debt Dialogue: March 2017

Herbert Smith Freehills Kramer LLP
Herbert Smith Freehills Kramer LLP
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Herbert Smith Freehills Kramer LLP

Herbert Smith Freehills Kramer LLP

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This month's issue of Debt Dialogue addresses non-conventional credit events that trigger obligations under credit default swaps...

United StatesInsolvency/Bankruptcy/Re-Structuring
Jennifer Manton
Jennifer Manton
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This month's issue of Debt Dialogue addresses non-conventional credit events that trigger obligations under credit default swaps, the Supreme Court's recent decision in Czyzewski v. Jevic on structured dismissals in bankruptcy cases, liquidity and bankruptcy plan feasibility, and other issues.

Topics covered in  this issue include:

  • Nonconventional CDS Credit Events Part 1: The iHeart Case
    Last December, the ISDA Americas Determinations Committee announced that the election by iHeartCommunications Inc. not to repay at maturity the principal balance of certain Senior Notes held by one of its subsidiaries constituted a "failure to pay" credit event under ISDA's 2014 Credit Derivatives Definitions. This may represent a paradigm shift in the world of credit default swaps (CDS), where credit events can be created that are not indicative of the fundamental credit unworthiness of a reference entity.

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