British Vita

British Vita is a UK-based, private chemicals company with €633 million (appx. $809 million) in outstanding debt. The firm missed an interest payment on 31 December 2008.

The company is owned by private equity firm Texas Pacific Group.

After the company indicated that it will not be making its interest payment within the 30-day grace period, it triggered a credit event under its credit default swaps referencing loans. A credit settlement auction on 7 February 2009 determined the final price for British Vita's first lien loans at 15.5%, and for second lien loans at 2.875%. These prices were both lower than the ELCDS auction of Sanitec. Net open interest on the first lien loans totaled £11 million to sell, whereas on the second lien loans was £0.