Hellas Telecommunications CDS settlement auction scheduled for Dec. 17

By Angela McDaniels

Tacoma, Wash., Dec. 7 - Hellas Telecommunications (Luxembourg) II credit default swaps will be settled via an auction on Dec. 17.

Auction administrators Markit Group Ltd. and Creditex Group Inc. released the auction date on their web site on Monday.

As previously reported, the International Swaps and Derivatives Association, Inc.'s Europe, Middle East and Africa credit derivatives determinations committee voted to hold the auction after it resolved that a bankruptcy credit event had occurred.

The company's board applied to the English High Court on Nov. 17 for an administration order and an application for administration was made, an ISDA news release stated.

Hellas Telecommunications (Luxembourg) II is incorporated in Luxembourg and has offices in London. It is the parent company of Wind Hellas Telecommunications SA, a telecommunications company based in Maroussi, Greece.

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