Intrum CDS Holders Set for Payout of About $94 Million (Correct)

Holders of credit insurance on Intrum AB are set to receive an estimated payout of around $94 million after the Swedish company entered US bankruptcy proceedings to fix its debt woes.

The Swedish debt collector’s unsecured bonds were valued at 76 cents on the euro in an auction on Thursday to settle the credit default swaps, according to a notice on Creditfixings website. Buyers of the contracts will therefore receive a payout equaling 24% of their face value — calculated by subtracting the final bond price from par.

Data from the Depository Trust & Clearing Corporation estimated that the ...