Pressure mounts on ISDA committee to end Noble's credit default swap impasse
Hong Kong
PRESSURE is building on an International Swaps & Derivatives Association (ISDA) panel of investors and bankers to end Noble Group Ltd's credit default swap (CDS) impasse.
ISDA's determinations committee was scheduled to meet on Wednesday to reconsider whether Noble triggered a credit event - the precondition for a payout on CDS contracts - when it arranged a 120-day extension to a loan facility in June. Once Asia's largest commodity trader, Noble is now fighting for survival more than two years into a crisis marked by accounting criticisms, a plunge in its securities and credit-rating downgrades.
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