Date scheduled for power company LCDS auction

The auction to settle loan credit derivative trades for Boston Generating has been penciled in for Tuesday 21 September. The Creditfixings website notes that this date is to be confirmed. 

Boston Generating is a constituent of LCDX index series 8-10 and 12-14. It was the first credit event to hit the index since October last year, when MGM Studios defaulted on its loan. 

Boston Generating filed for bankruptcy on 18 August in the southern district of New York. The New England power generator had almost $2 billion in debt, including $1.13 billion in first lien loans, a $250 million first lien synthetic letter of credit, $350 million in second lien loans and a $70 million revolving loan.