Movie Gallery in credit event auction

Troubled US video store chain Movie Gallery has seen the price of its loan derivatives fixed at 91.5% following a credit event auction.

The auction enabled dealers to cash-settle loan credit default swap (LCDS) contracts and LCDX index trades at the final auction price. It was the first of its kind in the loan derivatives market, according to administrators Creditex and Markit.

The company failed to make a September 10 interest payment on its first-lien loan, triggering a ‘failure to pay’ credit

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