An auction to cash-settle loan credit default swaps referencing commercial search firm RH Donnelley produced a recovery rate of 78.125%. Auctions to cash-settle LCDS on two of the firm's subsidiaries, Dex Media East and Dex Media West, yielded recoveries of 77.25% and 82.875%.
It follows a cash settlement auction for CDS linked to RH Donnelley on June 11, which produced a recovery rate of 4.875% for senior unsecured debt. The firm filed for Chapter 11 bankruptcy on May 28.
Analysts at Morgan Sta