On February 29, 2012 the Japan Credit Derivatives Determinations Committee resolved that a Bankruptcy Credit Event occurred in respect of Elpida Memory, Inc. and resolved that an auction will be held in respect of outstanding CDS transactions. This page contains details of the DC Resolutions, auction documentation and other items relating to the auction for Elpida Memory, Inc.
Further documentation relating to the auction will be added as it becomes available.
Event Publicly Available Information:
| Auction Timeline: | Common Event Determination Date: Monday, February 27, 2012 |
| List of Participating Bidders: | List of Participating Bidders |
| Deliverable Obligations: | Final List of Deliverable Obligations
Submission of Potential Deliverable Obligations and Challenges (UPDATED March 15, 2012) The Auction Date is March 22, 2012 In light of the expedited auction process in respect of Elpida Memory, Inc., the time period provided in Section 3.3 of the DC Rules for the publication of the Final List of Deliverable Obligations has been foreshortened by the Japan DC. Please refer to the document above entitled Submission of Potential Deliverable Obligations and Challenges (UPDATED March 15, 2012) for further details as to the revised timings. |
| Auction Settlement Terms: | Auction Settlement Terms for Elpida Memory, Inc.
Blackline against the 2011 JVC Kenwood Corporation Credit Derivatives Auction Settlement Terms For the purposes of the 2012 Elpida Memory, Inc. Credit Derivatives Auction Settlement Terms (the "AST"), the Physical Settlement Period for Designated Convertible Obligations (as defined in the AST) has been shortened as set out below. The Physical Settlement Period for the Designated Convertible Obligations is: (a) one Business Day following the Auction Date in relation to a Customer Buy RAST;(b) two Business Days following the Auction Date in relation to an Auction RAST; and(c) three Business Days following the Auction Date in relation to a Customer Sell RAST. In light of the short Physical Settlement Periods for Designated Convertible Obligations, (i) the period during which a NOPS Amendment Notice specifying one or more Designated Convertible Obligations as Deliverable Obligations can be effectively delivered has been shortened to one Business Day following the Auction Date in relation to a Customer Buy RAST, two Business Days following the Auction Date in relation to an Auction RAST and three Business Days following the Auction Date in relation to a Customer Sell RAST; and (ii) if Buyer fails to deliver Designated Convertible Obligations during the applicable Physical Settlement Period and Seller fails to buy-in the Designated Convertible Obligations on the Business Day after the relevant Physical Settlement Date, Buyer will be required to deliver a NOPS Amendment Notice specifying Deliverable Obligations which are not Designated Convertible Obligations. |
| Related Press Release: | Determinations Committee: Elpida Memory, Inc. Bankruptcy Credit Event |