Cengage Learning to be dropped from Markit LCDX after credit auction

By Susanna Moon

Chicago, Aug. 5 - Cengage Learning Acquisitions, Inc. will be removed from the Markit LCDX series 12 through 20 after the company's credit auction is completed.

New versions of the affected Markit LCDX series are being issued, with an annex date of Aug. 6, according to a Markit notice.

The International Swaps and Derivatives Association, Inc. said on Aug. 2 that an auction to settle the credit derivative trades for Cengage will be held on Aug. 6.

Settlement for the LCDS auction was slated for Aug. 13.

The ISDA said on July 10 that its Americas credit derivatives determinations committee determined that a bankruptcy credit event occurred for Cengage on July 9.

Cengage, a Stamford, Conn.-based provider of teaching, learning and research services for the academic, professional and library markets, filed for bankruptcy on July 2. The Chapter 11 case number is 13-44106.

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