Sino-Forest Credit Swaps Payout Request Rejected by ISDA Panel
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A committee of banks and investors that governs credit-default swaps rejected a request on whether Sino-Forest Corp., the Chinese timber company fending off fraud allegations, triggered payouts on contracts linked to its debt.
The International Swaps and Derivatives Association’s determinations committee for Asia excluding Japan declined the Dec. 19 request, which had asked whether a so-called failure-to-pay credit event occurred, the trade group said on its website.