Auctions to settle Visteon swaps set prices at 3 for CDSs, 39 for LCDSs

By Angela McDaniels

Tacoma, Wash., June 23 - The final price for the purpose of settling credit default swaps referencing Visteon Corp. was set at 3 in an auction Tuesday. The final price for settling loan-only CDSs was set at 39.

Auction administrators Markit and Creditex announced the results.

Markit LCDX index dealers voted to run the auction after the company and some of its U.S. subsidiaries filed for Chapter 11 bankruptcy on May 28.

Visteon is a constituent of series 8, 9, 10 and 12 of the Markit LCDX index, series 4 through 12 of the Markit CDX North America High Yield index and series 1 of the Markit CDX North America Investment Grade index.

A separate auction was held for the regular CDSs.

Visteon is a Van Buren Township, Mich., automotive supplier. Its Chapter 11 case number is 09-11726.

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