Swaps Panel to Say If Casino Debt Talks Triggered CDS Payout (2)

A panel that rules on credit default swaps will decide whether a move by Casino Guichard Perrachon SA to start court-supervised talks with its creditors constituted a bankruptcy event that would trigger a payout to holders of the French grocer’s CDS.

The question was posed to the EMEA Credit Derivatives Determinations Committee by an anonymous party on Tuesday, even though Casino obtained a temporary consent from bondholders to waive the default trigger for opening a conciliation process. The process allows it to negotiate a debt overhaul in private, overseen by court-appointed conciliators.

The CDDC accepted the question just a few ...