Event Publicly Available Information:
Mitsubishi Chemical Holdings Corporation (“MCHC”), effective as of March 28, 2016, announced an absorption-type split-off of the existing bond administration operations (“Businesses”) of its wholly owned subsidiaries Mitsubishi Chemical Corporation (“MCC”) and Mitsubishi Plastics, Inc. (“MPI”).
As a result, MCHC will succeed to the rights and obligations of the Businesses split off from MCC and MPI.
February 15, 2017: The Legal Subcommittee of the Japan Determinations Committee (LSC) considered and discussed over the course of a number of meetings the question as to whether a Succession Event occurred in respect of Mitsubishi Chemical Corporation (Mitsubishi) on or about 28 March 2016 with Mitsubishi Chemical Holdings Corporation as a potential Successor. The LSC considers that it does not have sufficient publicly available information to enable the Determinations Committee (DC) to determine the aggregate outstanding amount of Relevant Obligations (other than Bonds) held by Mitsubishi immediately prior to the potential Succession Event. As such, the DC is unable to make the percentage calculations required to resolve this issue pursuant to Section 2.2 of the ISDA 2003 Credit Derivatives Definitions and the ISDA 2014 Credit Derivatives Definitions respectively. Accordingly, in the absence of sufficient public information available to enable the DC to fully consider and resolve this issue, the DC resolved that this issue is dismissed.
|Request Accepted by DC|
Pursuant to the standing resolution passed by the Japan Determinations Committee (DC) on July 7, 2010, the first meeting of the Japan DC to deliberate the DC Questions relating to this DC Issue has been deferred pending deliberation of such DC Questions by the Japan DC legal subcommittee.
Please refer to Japan_DC_Standing_Resolution_070710.
|Pending DC Consent|