Casino failure to secure requisite default waivers, non-payment of social security charges and taxes prompt questions on CDS triggers

By Jou Yu

Friday, July 07, 2023

Casino Group announcements that it failed to obtain the requisite consent from its bondholders and RCF lenders to effect a payment standstill and to waive any defaults for the duration of its conciliation proceedings and that it deferred payment of its tax and social security liabilities have led market participants to submit credit event requests to the Credit Derivatives Determination Committees (DC). 

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TAGS: CDS Europe Distressed debt Synthetic/SRT

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