Matalan Finance plc

Event Publicly Available Information:

Has a Bankruptcy Credit Event occurred with respect to Matalan Finance plc?

The Eligible Market Participant that submitted the DC Question included the following Publicly Available Information:

Announcement of Reference Entity - Matalan Second Lien Amendment Press Release 28-07-20
Chapter 15 Petition - Motion (1)
Chapter 15 Petition - Motion (2)
Chapter 15 Petition - Declaration (1)
Chapter 15 Petition - Declaration (2)
Chapter 15 Petition - Filing
Reorg Article

The EMEA DC has determined that a Bankruptcy Credit Event has occurred with respect to Matalan Finance plc.


Timeline	Credit Event Resolution Request Date: 30 July 2020 Auction Date: 15 September 2020 Physical Settlement Date: 12 November 2020

Deliverable Obligations	Final list

Auction Settlement Terms	Final Auction Settlement Terms

Upcoming DC Meetings
This Event
- No meetings scheduled
All Meetings
- No upcoming meetings
Additional Information

Issue Number:

2020073001

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 and 2003 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  11/12/2020 12:00pm EST
- List of Participating Bidders Published
  
  Participating Bidders List
  DC Decision
  9/14/2020 06:05pm EDT
- Final Auction Terms Published
  
  Final Auction Settlement Terms
  DC Decision
  9/11/2020 06:25pm EDT
- Final List Published
  
  Final List
  9/11/2020 01:25pm EDT
- Supplemental List Published
  
  Supplemental List
  Instructions for challenging an obligation
  Please note that the deadline for challenging any potential Deliverable Obligations on the Supplemental List is 5:00 p.m. London time on Thursday 10 September 2020.
  9/07/2020 07:20am EDT
- Initial List Published
  
  Initial List
  Instructions for submission of potential Deliverable Obligations
  9/02/2020 11:40am EDT
- Draft Auction Terms Published
  
  Matalan Finance plc Draft Auction Settlement Terms
  Compare against Wirecard AG Auction Settlement Terms
  DC Decision 02 September 2020
  EMEA DC – 2 September 2020
  The EMEA DC has published the draft Auction Settlement Terms for the Auction to be held on 15 September 2020 in respect of Matalan Finance plc. Note that these Auction Settlement Terms will only apply to Transactions that specify as the Reference Obligation either the Second Lien Notes due 2024 of the Reference Entity (ISINs: XS1756325491 (Rule 144A) and XS1756324684 (Regulation S)) or the previous Second Lien Notes of the Reference Entity. The previous Second Lien Notes of the Reference Entity were the GBP150,000,000 8.875% Second Lien Secured Notes due 2020 (ISINs: XS1070709404 (Rule 144A) and XS1070709313 (Regulation S)).
  Please contact the DC Secretary with any comments in relation to the draft Auction Settlement Terms by no later than 5pm London time on Wednesday 9 September 2020.
  The EMEA DC has also published an Initial List. If an Eligible Market Participant wishes to propose additional obligations for the Supplemental List, please contact the DC Secretary by 5pm London time on Friday 4 September 2020.
  9/02/2020 11:40am EDT
- Ongoing
  
  The EMEA DC met on Tuesday 1 September 2020. The EMEA DC agreed to hold an Auction in respect of Matalan Finance plc on 15 September 2020. A draft set of Auction Settlement Terms and the Initial List will follow separately.
  9/01/2020 08:05am EDT
- Ongoing
  
  The EMEA DC met on 27 August 2020 to discuss the Auction in respect of Matalan Finance plc. The EMEA DC will reconvene on 1 September 2020 to continue discussions.
  8/27/2020 09:05am EDT
- Ongoing
  
  DC Meeting Statement 14 August 2020
  DC Decision 14 August 2020
  8/14/2020 02:00pm EDT
- Ongoing
  
  DC Decision 11 August 2020
  The EMEA DC met yesterday to discuss the DC Questions in respect of Matalan Finance Plc. The EMEA DC concluded that a Bankruptcy Credit Event had occurred with respect to Matalan Finance Plc under the 2014 Definitions and the Updated 2003 Definitions. The EMEA DC also concluded that since a Bankruptcy Credit Event had been determined, there was no need to consider further whether or not a Restructuring Credit Event had occurred in respect of Matalan Finance Plc, and therefore dismissed the question. A more detailed DC Meeting Statement will follow and the EMEA DC will meet again in due course to discuss settlement of Transactions referencing Matalan Finance Plc.
  8/11/2020 05:25am EDT
- Ongoing
  
  The EMEA DC agreed by email vote to postpone the meeting scheduled for 5 August 2020 to allow further consideration of the relevant issues. The meeting will be rescheduled for a later date to be confirmed.
  8/04/2020 12:55pm EDT
- Ongoing
  
  The EMEA DC met on 3 August 2020 to discuss Matalan Finance plc. The EMEA DC will reconvene on 5 August 2020 to continue discussions.
  8/03/2020 09:30am EDT
- Request Accepted by DC
  
  7/30/2020 12:15pm EDT
- Pending DC Consent
  
  7/30/2020 09:55am EDT