Auction eyed for Metro-Goldwyn-Mayer loan-only credit default swaps

By Angela McDaniels

Tacoma, Wash., Oct. 19 - LCDX dealers voted to hold an auction for loan-only credit default swap transactions referencing Metro-Goldwyn-Mayer Inc., according to a news release from the International Swaps and Derivatives Association, Inc.

The auction will be administered by Markit Group Ltd. and Creditex Group Inc.

The release said MGM reportedly failed to make an interest payment on its senior secured loan that was due on Sept. 30.

MGM is a motion picture, television, home video and theatrical production and distribution company based in Los Angeles.

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