ISDA committee votes to hold auction to settle General Motors CDSs

By Angela McDaniels

Tacoma, Wash., June 1 - An auction to settle credit default swap transactions referencing General Motors Corp. will be held, according to a news release from the International Swaps and Derivatives Association, Inc.

ISDA said its Americas credit derivatives determinations committee voted to hold the auction after it resolved that a bankruptcy credit event had occurred.

The auction will be administered by Markit and Creditex.

The Detroit-based automaker filed for Chapter 11 bankruptcy on June 1 in the U.S. Bankruptcy Court for the Southern District of New York. The bankruptcy case number is 09-50026.

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