CDS settlement auctions coming up for Bowater, General Growth, Edscha

By Angela McDaniels

Tacoma, Wash., April 29 - Creditex Group Inc. and Markit Group Ltd. said they will administer auctions to settle credit derivatives trades referencing Bowater Inc., General Growth Properties, Inc. and Edscha AG.

The auction date is May 12 for Bowater, May 13 for General Growth and May 28 for Edscha.

The auctions will be conducted under International Swaps and Derivatives Association, Inc. settlement protocols.

Bowater is a Greenville, S.C., producer of coated and specialty papers and newsprint and a subsidiary of AbitibiBowater Inc., which is a Montreal-based pulp and paper manufacturer. They filed for Chapter 11 bankruptcy on April 16. The Chapter 11 case number is 09-11296.

General Growth is a Chicago-based real estate investment trust that owns regional shopping malls, master planned community developments and commercial office buildings. It also filed for bankruptcy on April 16. Its Chapter 11 case number is 09-11977.

Edscha is an automobile parts supplier based in Remscheid, Germany. ISDA previously announced that the Markit iTraxx LevX market makers determined that Edscha has become insolvent.

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