On January 21, 2010 the Credit Derivatives Determinations Committee for Japan resolved that a Bankruptcy Credit Event occurred in respect of Japan Airlines Corporation and that an auction would be held.
This page contains details of the DC Resolutions, auction documentation and other items relating to the auction for Japan Airlines Corporation.
This page does not refer to the situation where a market participant is facing Japan Airlines Corporation as counterparty in OTC derivatives trades. A resolution by the Determinations Committee that a Credit Event has occurred is not a resolution that an Event of Default under any Master Agreement has occurred. In that case, participants are expected to refer to the Master Agreements and Credit Support (collateral) documentation that they have in place covering OTC derivative transactions with Japan Airlines Corporation and take advice from legal counsel as appropriate.
Further documentation relating to the auction will be added as it becomes available
Event Publicly Available Information:
Japan Airlines Corporation filed a petition for corporate reorganization with the Tokyo District Court. Link to JAL press release