Insurers enter the credit derivatives restructuring debate

The insurers are pressing for restructuring to be dropped as a credit event and are currently contesting whether Xerox’s debt restructuring should constitute a pay-out trigger.

Kimberley Summe, Isda general counsel, said the restructuring issues have yet to be resolved, and Isda is involved in daily meetings with its G6 credit derivatives working group, which includes hedgers, investors and dealers, to come to an agreement as soon as possible. The insurance companies, which include Financial

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