Determinations Committee's Statement in iHeart CDS Proceedings Provides Rare Glimpse into its Analytical Process

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January 5, 2017

On December 21, 2016, the International Swaps and Derivatives Association, Inc. (ISDA) announced that its Americas Credit Derivatives Determinations Committee (the DC) had unanimously resolved that a Failure to Pay Credit Event occurred in respect of iHeart Communications, Inc. (iHeart).  Of particular interest, the DC subsequently released a statement summarizing the analysis underlying its decision – an elaboration of its voting results that the DC seldom provides to the market.

In this client alert, RK&O attorneys Jennifer Grady, Jon Kibbe, Julia Lu and John Clark review the Determinations Committee’s analysis of, and competing arguments surrounding, the iHeart Credit Event.

To read the full client alert, please click here.