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.

8K
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

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Additional Information

Issue Number:

2020061001

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 and 2003 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  7/10/2020 04:20pm EDT
- List of Participating Bidders Published
  
  List of Participating Bidders – Issue Number 2020061001 – California Resources Corporation
  7/02/2020 09:55am EDT
- Ongoing
  
  Americas DC Decision – Issue Number 2020061001 (California Resources Corporation) – 07/01/2020
  7/01/2020 04:15pm EDT
- Final Auction Terms Published
  
  Final Auction Settlement Terms – Issue Number 2020061001 - California Resources Corporation - 06/30/2020
  Redline of Final Auction Settlement Terms against The Hertz Corporation
  6/30/2020 05:15pm EDT
- Final List Published
  
  Final List - Issue Number 2020061001 (California Resources Corporation) - 06/29/20
  6/29/2020 06:20pm EDT
- Supplemental List Published
  
  Supplemental List – Issue Number 2020061001 (California Resources Corporation) – 06/25/2020
  6/25/2020 05:25pm EDT
- Initial List Published
  
  Americas DC Decision / Initial List – Issue Number 2020061001 (California Resources Corporation) – 06/23/2020
  Submission of Potential Deliverable Obligations and Challenges
  6/23/2020 04:40pm EDT
- Auction Information Published
  
  Americas DC Decision – Issue Number 2020061001 (California Resources Corporation) – 06/15/2020
  6/15/2020 12:05pm EDT
- Ongoing
  
  Americas DC Decision – Issue Number 2020061001 (California Resources Corporation) – 06/11/2020
  DC Statement June 11, 2020:
  The Americas DC Resolved on June 11, 2020 that a Failure to Pay Credit Event has occurred with respect to California Resources Corporation. With respect to 2014 Transactions, in reaching this DC Resolution, the Americas DC considered the guidance within the 2019 Narrowly Tailored Credit Event Supplement to the 2014 ISDA Credit Derivatives Definitions (as published by the International Swaps and Derivatives Association, Inc. on July 15, 2019) and concluded that the Credit Deterioration Requirement is satisfied.
  6/11/2020 03:30pm EDT
- Request Accepted by DC
  
  6/10/2020 04:20pm EDT
- Pending DC Consent
  
  6/10/2020 10:55am EDT