Japan Airlines auction for CDS settlement marked down for April 22

By Jennifer Chiou

New York, April 15 - The auction to settle the credit default swaps for Japan Airlines Corp. is set for April 22, according to Creditex.

International Swaps and Derivatives Association, Inc. previously said its Japan credit derivatives determinations commit ee voted to hold an auction after resolving that a bankruptcy credit event had occurred.

As already noted, the committee separately voted that a bankruptcy credit event occurred for Japan Airlines International Co. Ltd. but decided that no auction would be held for credit default swaps referencing this company.

The auction will be administered by Markit Group Ltd. and Creditex.

As already reported on Feb. 17, the company's Japanese in-court restructuring proceedings have been recognized by the U.S. Bankruptcy Court for the Southern District of New York in a Chapter 15 bankruptcy case.

Japan Airlines, formerly Japan Airlines System Corp., is the holding company for Japan Airlines International Co., Ltd., a Tokyo-based airline. The Chapter 15 case number is 10-10198.

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