Restructuring as a credit event again under fire

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The restructuring of Stamford, Connecticut-based reprographics firm Xerox’s $7 billion revolving credit line in June by Bank One, Citibank and JP Morgan Chase, which triggered credit default swap contracts written on the company, has caused a number of major protection sellers to step back from the market until the debate over restructuring as a credit event is concluded.

Help may be on the way. The Bank for International Settlements, which is holding talks on the restructuring issue with

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