2020100901

Credit Event

Selecta Group B.V.

Event Publicly Available Information:

Has a Bankruptcy Credit Event occurred in respect of Selecta Group B.V.?

The Eligible Market Participant that raised the DC Question has asked the DC to consider whether a Bankruptcy Credit Event occurred under Section 4.2(d) of the 2014 ISDA Credit Derivatives Definitions on 8 October 2020 following the filing by the Reference Entity for recognition of foreign main proceedings pursuant to Chapter 15 of the U.S. Bankruptcy Code? See Case 20-34947 and 20-34949 petition documentation filed in the United States Bankruptcy Court for the Southern District of Texas (Houston Division) on 8 October 2020.

Announcement of Reference Entity

See also the information available on the website of the Reference Entity’s claims and noticing agent at http://www.kccllc.net/selecta 

The EMEA DC has determined that a Bankruptcy Credit Event has occurred. 

Timetable

Event Determination Date: 9 October 2020

5:00 pm London time on Monday 19 October 2020: Deadline for any market participant who wishes to participate in the Selecta Group B.V. Auction to submit a Participating Bidder Letter to the DC Secretary. Please contact the DC Secretary as soon as possible (and in any event ahead of the deadline) for further details.

5:00 pm London time on Monday 19 October 2020:  Deadline for submission of Customer Physical Settlement Requests to the relevant Participating Bidder.

Auction Date: 20 October 2020

4:00pm London time on Wednesday 21 October 2020: Deadline for Buyers to deliver Notices of Physical Settlement to Sellers in respect of any Representative Auction–Settled Transactions.

4:00pm London time on Monday 26 October 2020: Deadline for Sellers to deliver Notices of Physical Settlement to Buyers in respect of any Representative Auction–Settled Transactions.

Physical Settlement Date in respect of any Representative Auction–Settled Transactions: To be determined in accordance with the Auction Settlement Terms. The Physical Settlement Period is the longer of (x) thirty Business Days following 26 October 2020; and (y) the period ending on and including the tenth Business Day following the earlier to occur of (i) the Support Agreement being terminated or otherwise ceasing to be in effect; or (ii) the Restructuring Effective Date occurring under the Scheme. 

Deliverable Obligations

Final List

Auction Settlement Terms

Auction Settlement Terms

Note: The DC understands that holders of the Notes specified on the Final List may have blocked the transfer of such Notes prior to the Auction taking place. In addition, entitlement to the Scheme consideration is expected to be fixed by reference to the identity of the holders prior to the Auction taking place.

Therefore, the expectation is that all Representative Auction-Settled Transactions will be settled by delivery of the relevant Composite Package (being the entitlement to the replacement assets in respect of the relevant Notes under the Scheme). To the extent that the Composite Package is delivered in lieu of delivery of the relevant Notes, each asset making up the Composite Package must be delivered in the same proportion to the relevant Notes as would apply under the Scheme. Further details are provided in the Auction Settlement Terms.

Notes are only expected to be directly transferred in settlement of Representative Auction-Settled Transactions to the extent that the Scheme does not proceed and the Reference Entity’s Support Agreement is terminated.