Thomson bankruptcy puts 'small bang' protocol to the test

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At the start of December, Isda’s credit derivatives determinations committee concluded a bankruptcy event had occurred on French media firm Thomson, just a month after auctions were held to settle a restructuring credit incident. The saga raises questions about the value of the restructuring clause in Isda’s ‘small bang’ protocol.

On December 1, the International Swaps and Derivatives Association’s Europe, Middle East and Africa credit determinations committee decided a bankruptcy credit event

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