Dura undergoes settlement auction after default

Dura Automotive Systems has become the fourth auto supplier to default and go through the index cash settlement auction since June 2005. The firm was unable to meet a $17.3 million interest payment obligation on its April 2012 bond, prompting Standard & Poor’s to cut the issue’s rating to D.

The Dura auction will follow a revised protocol that will allow for cash settlement of single-name and tranche positions, subject to the market approving Isda’s proposed amendments.

Dura is part of the CDX HY

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