Isda calls Station CDS auction as grace period ends

Isda announced today that a credit default swap auction protocol will be published for trades referencing Station Casinos.

On 3 February, Creditflux reported that CDX HY series 10 and 11 constituent Station Casinos missed a coupon payment, thought to be for a $450 million, 6.5% bond maturing 2014. The grace period ended on 3 March.

Additionally, in an SEC filing made on 3 March, Station Casinos reported that it had not made a $24.1 million interest payment for its $700 million, 6.857% senior subordinated notes due 2016. The payment was due on 1 March, and the grace period during which the company can make the payment ends on 31 March.

Station claims to have entered into forbearance agreements with its bondholders and senior lenders, according to the filing.