Credit Event

California Resources Corporation

Event Publicly Available Information:

California Resources Corporation and its Lenders have entered into certain forbearance agreements with respect to missed interest payments due on May 29, 2020.  The underlying loan documents provide for a 5 day grace period for such payments and no payments were made prior to the end of the grace period.

Loan Agreement (1.5L)
Loan Agreement (1.25L)
Bloomberg Article
WSJ Article

Auction Settlement Terms

Final Auction Settlement Terms – Issue Number 2020061001 - California Resources Corporation - 06/30/2020

Deliverable Obligations

Final List - Issue Number 2020061001 (California Resources Corporation) - 06/29/20 

Auction Timeline

Common Event Determination Date: June 10, 2020

Auction Date: July 7, 2020

Auction Settlement Date: the later of three Business Days after the Auction Final Price Determination Date and July 10, 2020