Vue International Bidco PLC

Has a Restructuring Credit Event occurred with respect to Vue International Bidco PLC?

The Eligible Market Participant who submitted the question provided the following documents in support of their question:

The press release issued by Vue International Bidco PLC (Vue) on 26 January 2023: https://vue-international.com/our-media/press-releases/vue-completes-recapitalisation
The financial restructuring page in relation to Vue hosted by Kroll – the Eligible Market Participant notes that, whilst the documents themselves are password protected, the cover page provides certain information: https://deals.is.kroll.com/vue
The skeleton argument on Vue’s behalf in the High Court, dated 27 July 2022 (available on Reorg Research in an article from 27 July 2022 entitled ‘Vue Passes Convening Stage of English Scheme of Arrangement’).
Vue’s financial report for the year ended 2021: https://vue-international.com/investor-relations/reports/87-vue-international-bidco-plc-financial-report-2021-fy21/file


Information on Settlement	Meeting Statement on Settlement Note that Section 3.4 of the DC Rules does not apply - please see the Meeting Statement for settlement details.

Auction Settlement Terms	Final Auction Settlement Terms

Deliverable Obligations for Bucket 1	Final List

Exercise Cut-off Date	The Exercise Cut-off Date applicable to all buckets has been determined pursuant to Section 1.41(a)(i) of the 2014 Definitions on the assumption that the Final List for Bucket 1 is published on 4 September 2023. The Exercise Cut-off Date for Sellers will be 6 September 2023. The Exercise Cut-off Date for Buyers will be 11 September 2023. A Credit Event Notice delivered by a Seller will prevail over a Credit Event Notice delivered by a Buyer.

Auction Timeline	The only Auction will be held in respect of Bucket 1. The Event Determination Date for Transactions that are triggered is 2 February 2023 The Auction Date is 14 September. The Auction Settlement Date is 18 September. Note this is 2 Business Days following the date of the Auction given the upcoming 20 September CDS roll date. Market participants should ensure they are prepared for the shortened settlement period of 2 Business Days.

Dates for Physical Settlement	NOPS Cut-off Date for Buckets subject to Physical Settlement: 2 October 2023 Physical Settlement Date: 30 Business Days following 2 October 2023. This will depend on the currency of the Floating Rate Payer Calculation Amount: - EUR and GBP denominated Floating Rate Payer Calculation Amount: 13 November 2023 - USD denominated Floating Rate Payer Calculation Amount: 15 November 2023 (due to Columbus Day and Veterans Day)

Upcoming DC Meetings
This Event
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- No upcoming meetings
Additional Information

Issue Number:

2023020201

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  9/14/2023 04:00am EDT
- Final Auction Terms Published
  
  Final Auction Settlement Terms
  Compare against Draft Auction Settlement Terms
  Compare against Top Gun Realisations Limited 61 Auction Settlement Terms
  9/04/2023 04:50am EDT
- Final List Published
  
  Final List
  9/04/2023 04:50am EDT
- Ongoing
  
  DC Decision
  9/04/2023 04:50am EDT
- Auction Information Published
  
  Draft Auction Settlement Terms
  Compare against Top Gun Realisations Limited 61 Auction Settlement Terms
  9/01/2023 10:10am EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement - 1 September 2023
  Note: The settlement timeline has been updated from the position proposed in the EMEA DC Meeting Statement of 29 August 2023 following market feedback.
  9/01/2023 10:10am EDT
- Ongoing
  
  DC Decision
  DC Secretary’s Contact Details
  EMEA DC Meeting Statement - 29 August 2023
  The EMEA DC has previously noted that it may hold a deemed Auction for Bucket 1. Assuming that such approach is adopted, the DC is considering the following timeline. Please provide any feedback no later than 5pm London time on 30 August 2023.
  The DC has not made a decision on settlement of any of the Buckets and this Meeting Statement does not trigger a No Auction Announcement Date.
  
  Timeline:
  Triggering window for delivery of a Credit Event Notice will be opened once a decision is announced and will end on and include 12 September 2023 which is the Exercise Cut-off Date. This window would operate under Section 1.41(a)(ii) of the 2014 Definitions***. Therefore, as per the DC decision on Scandinavian Airlines System Denmark – Norway – Sweden, the triggering window is the same for Buyers and Sellers and if both Buyer and Seller seek to trigger, whichever Credit Event Notice is effectively delivered first will prevail. The end of the triggering window has been proposed to ensure that settlement can complete promptly ahead of the 20 September 2023 CDS market roll date.
  The Movement Option Cut-off Date for exercise of the Movement Option would fall on 13 September 2023. If the only Auction is in respect of Bucket 1, then only the Buyer will be able to exercise the Movement Option and such Movement Option will result in the Transaction settling by reference to the deemed Auction in respect of Bucket 1.
  The date of the deemed Auction would also be 13 September 2023 (with an Auction Final Price of 100 per cent.) and the related Auction Settlement Date would be 18 September 2023.
  
  The same triggering window would operate in relation to the other Buckets and the DC would finalise and publish its decision as to how such Buckets will settle prior to such triggering window opening.
  Please contact the DC Secretary if you wish to provide feedback on the proposed timeline.
  
  *** - Clarification - Note that 1.41(a)(ii) would apply but the Exercise Cut-off Date would be shortened to fall on 12 September 2023 under the proviso at the end of Section 1.41 of the 2014 Definitions. As noted in the Meeting Statement above, this is to ensure that settlement can complete promptly ahead of the 20 September 2023 CDS market roll date for Bucket 1.
  8/29/2023 04:30am EDT
- Ongoing
  
  EMEA DC Meeting Statement – 24 August 2023
  The EMEA DC met today to finalise discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Friday 25 August 2023.
  8/24/2023 12:15pm EDT
- Initial List Published
  
  DC Decision
  EMEA DC Meeting Statement - 17 August 2023
  Submission of Potential Deliverable Obligations and Challenges
  Note: the Meeting Statement above includes the Initial List.
  Further note: The call originally scheduled for Wednesday 23 August 2023 was rescheduled to Thursday 24 August 2023.
  8/17/2023 04:30am EDT
- Preliminary List Published
  
  DC Decision
  EMEA DC Meeting Statement - 14 August 2023
  Note: the Meeting Statement above includes the Preliminary List.
  8/14/2023 05:30am EDT
- Ongoing
  
  DC Decision
  DC Secretary’s Contact Details
  EMEA DC Meeting Statement - 2 August 2023
  The EMEA DC refers to its previous Meeting Statements of 28 April 2023, 7 June 2023 and 25 July 2023.
  As per the 25 July 2023 Meeting Statement, the Reinstated Facility and the Super Senior Facility are not eligible Deliverable Obligations for settlement of Transactions with a Scheduled Termination Date on or prior to 20 September 2025 (Bucket 1). The EMEA DC is not aware of any public information indicating that other obligations of the Reference Entity exist that would be capable of delivery into Bucket 1.
  As per the EMEA DC Meeting Statements of 28 April 2023 and 7 June 2023, the EMEA DC may, inter alia, (i) resolve not to hold Auctions in respect of a Maturity Bucket in which case Physical Settlement will apply; or (ii) Resolve by Supermajority that no Deliverable Obligations exist in respect of the Reference Entity and a Maturity Bucket in which case the DC may either (A) hold a deemed Auction in respect of the relevant Maturity Bucket with an Auction Final Price of 100 per cent. or (B) determine not to hold an Auction in respect of such Maturity Bucket in which case Physical Settlement will apply.
  In light of the above and given the level of available information, please contact the DC Secretary by no later than 9 August 2023 if you, in good faith, object to the EMEA DC resolving that Transactions in respect of Bucket 1 will be settled on the basis of a Deemed Auction.
  The EMEA DC has not yet finally resolved how to settle the Transactions in each of the Maturity Buckets and this Meeting Statement does not trigger a No Auction Announcement Date in respect of any Maturity Bucket.
  [Note: the call originally scheduled for 10 August was rescheduled to 11 August.]
  8/02/2023 04:25am EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement - 28 July 2023
  The EMEA DC met on 27 July 2023. Following the decision the EMEA DC published on 25 July 2023, the EMEA DC is considering Settlement. Such considerations include whether or not Transactions should settle by reference to the Fallback Settlement Method (i.e. Physical Settlement) and whether any Deemed Auction should be held under DC Rule 3.2(e)(ii).
  This Meeting Statement does not constitute a No Auction Announcement Date.
  7/28/2023 05:10am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 26 July 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Thursday 27 July 2023 to continue discussions.
  7/26/2023 10:45am EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement - 25 July 2023
  Note: Meeting Statement updated on 24 August to address a formatting point.
  7/25/2023 05:00am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 18 July 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC is currently deliberating the issues set out in the EMEA DC Meeting Statement published on 28 June 2023, and agreed to meet again on 21 July 2023 to continue discussions.
  7/18/2023 12:00pm EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement – 28 June 2023
  The EMEA DC has made efforts to obtain the relevant documentation in respect of the debt of Vue Entertainment International Limited in order to assist with settlement of Transactions that reference Vue Entertainment International Limited (being the sole Successor to Vue International Bidco plc). The EMEA DC is aware that market participant(s) are also seeking to obtain such documentation in order to provide it, in a form in which is acceptable for the EMEA DC to review. The EMEA DC has agreed to provide any such market participants with a short amount of additional time to progress discussions with the Reference Entity. The EMEA DC will continue to meet regularly and will monitor progress and, after the lapse of such short period, the EMEA DC will aim to finalise its deliberations. The EMEA DC notes that an Eligible Market Participant has submitted a question to the EMEA DC (DC Issue Number 2023062601) relating to Section 3.32(a) of the 2014 Definitions and another potential issue was previously raised relating to the same section. The EMEA DC will aim to respond in respect of such matters when finalising its deliberations.
  As per the EMEA DC Meeting Statement of 15 June 2023, if market participants are aware of any obligations (other than the Reinstated Facility or the Super Senior Facility) that may be Deliverable Obligations and are able to represent to the EMEA DC that such obligations are outstanding, please contact the DC Secretary.
  
  Note: The meeting originally scheduled for Wednesday 5 July 2023 was rescheduled to Monday 10 July 2023 given other DC matters.
  Further note: The meeting rescheduled for Monday 10 July 2023 was further rescheduled to Wednesday 12 July 2023 given other DC matters.
  7/10/2023 11:10am EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement - 15 June 2023
  The EMEA DC met on 14 June 2023 to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity.
  The EMEA DC noted that it had received a communication on behalf of ISDA’s Credit Market Infrastructure Working Group that certain members of such group had indicated that potential operational challenges could arise if settlement of the Vue International Bidco PLC restructuring credit event occurred across the 20 June 2023 roll date. The EMEA DC has therefore decided that it will not make any determinations on settlement until after the 20 June 2023 roll date (i) in light of operational considerations; and (ii) to allow market participants additional time to finalise any discussions with the Reference Entity regarding making documentation available to the EMEA DC for further consideration.
  If market participants are aware of any obligations (other than the Reinstated Facility or the Super Senior Facility) that may be Deliverable Obligations and are able to represent to the DC that such obligations are outstanding, please contact the DC Secretary.
  The EMEA DC agreed to meet again on 26 June 2023 following the 20 June 2023 roll date.
  6/15/2023 08:40am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 12 June 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Wednesday 14 June 2023 to continue discussions.
  6/12/2023 10:35am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 9 June 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Monday 12 June 2023 to continue discussions.
  6/09/2023 11:25am EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement - 7 June 2023
  The EMEA DC met on Tuesday 6 June to discuss settlement of 2014 Transactions originally referencing Vue International Bidco plc (VIB) following the determination of the occurrence of a Restructuring Credit Event and the determination that Vue Entertainment International Limited (VEIL) was the sole Successor to VIB.
  The EMEA DC previously published a meeting statement on 28 April 2023 relating to settlement of such Transactions (as updated on 4 May and available here: https://www.cdsdeterminationscommittees.org/documents/2023/04/emea-dc-vue-international-bidco-plc-meeting-statement-28-april-2023.pdf/) (the April Meeting Statement). As noted in the April Meeting Statement, the EMEA DC has been attempting to source public copies of the relevant documents in respect of the obligations of VEIL, including by requesting that market participants provide them to the EMEA DC and by reaching out to the Reference Entity directly. No public copies of such documentation have been received.
  As the EMEA DC has not obtained a public copy of the documentation relating to any obligations of VEIL, paragraph 4.1(c) and (d) of the April Meeting Statement are possible outcomes. Given the possibility of Transactions being settled by way of Physical Settlement, market participants and market infrastructure groups should consider the impact of Physical Settlement and take any preparatory action they consider necessary. To the extent Physical Settlement applies, the EMEA DC is considering what guidance, if any, it can provide as to the Deliverable Obligations of VEIL, particularly in respect of Bucket 1.
  For the avoidance of doubt, this Meeting Statement does not trigger a No Auction Announcement Date under the 2014 Definitions.
  6/07/2023 12:35pm EDT
- Ongoing
  
  EMEA DC Meeting Statement - 2 June 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Tuesday 6 June 2023 to continue discussions.
  6/02/2023 11:10am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 31 May 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Friday 2 June 2023 to continue discussions.
  5/31/2023 11:25am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 18 May 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again in due course to continue discussions.
  5/18/2023 10:30am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 15 May 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Thursday 18 May 2023 to continue discussions.
  5/15/2023 10:40am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 10 May 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Monday 15 May 2023 to continue discussions.
  5/10/2023 10:15am EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement - 28 April 2023
  [Note: in response to questions from Eligible Market Participants, the DC published an updated version of the meeting statement on 4 May 2023. The only change is to paragraph 4.1(a) of the Meeting Statement.]
  5/04/2023 09:25am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 27 April 2023
  The EMEA DC met yesterday 26 April 2023 to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Friday 28 April 2023 to continue discussions.
  4/27/2023 08:15am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 20 April 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Tuesday 25 April 2023 to continue discussions.
  [Note: The meeting has been rescheduled to Wednesday 26 April 2023.]
  4/20/2023 11:55am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 18 April 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Thursday 20 April 2023 to continue discussions.
  4/18/2023 11:15am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 14 April 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Tuesday 18 April 2023 to continue discussions.
  4/14/2023 11:50am EDT
- Ongoing
  
  EMEA DC Meeting Statement - 4 April 2023
  The EMEA DC met today to continue discussions around settlement of credit derivative transactions in relation to the Reference Entity. The EMEA DC agreed to meet again on Friday 14 April 2023 to continue discussions.
  4/04/2023 11:15am EDT
- Ongoing
  
  DC Decision
  EMEA DC Statement - 23 March 2023
  The DC is publishing this statement to address certain queries from Eligible Market Participants.
  The Explanatory Statement of Vue referenced in the Meeting Statement of 22 March 2023 is accessible at https://reorg.com/2022-restructuring-wrap/.
  The DC determined that both a Credit Event and a Successor has occurred in respect of Transactions that originally referenced VIB. This is reflected in the phrasing of the DC Question in respect of the Credit Event - Has a Restructuring Credit Event occurred in respect of 2014 Transactions which specify Vue International Bidco plc as the Reference Entity? (emphasis added).
  As a Successor has been determined, the Deliverable Obligations for settlement would be any Deliverable Obligations of VEIL – see for example Victor Company of Japan Limited where there was also a Successor and the Auction was in respect of Deliverable Obligations of JVC Kenwood Corporation (https://www.cdsdeterminationscommittees.org/cds/victor-company-of-japan-limited/).
  3/23/2023 02:55pm EDT
- Ongoing
  
  DC Decision
  EMEA DC Meeting Statement - 22 March 2023
  3/22/2023 12:35pm EDT
- Ongoing
  
  EMEA DC Meeting Statement - 16 March 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Monday 20 March 2023 to continue discussions.
  3/16/2023 12:00pm EDT
- Ongoing
  
  EMEA DC Meeting Statement - 15 March 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Thursday 16 March 2023 to continue discussions.
  3/15/2023 12:50pm EDT
- Ongoing
  
  EMEA DC Meeting Statement - 14 March 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Wednesday 15 March 2023 to continue discussions.
  3/14/2023 12:15pm EDT
- Ongoing
  
  EMEA DC Meeting Statement - 13 March 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Wednesday 15 March 2023 to continue discussions.
  [Note: The DC Meeting scheduled for Wednesday 15 March 2023 was instead held on Tuesday 14 March 2023]
  3/13/2023 12:05pm EDT
- Ongoing
  
  EMEA DC Meeting Statement - 9 March 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Monday 13 March 2023 to continue discussions.
  3/09/2023 11:40am EST
- Ongoing
  
  EMEA DC Meeting Statement - 8 March 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Thursday 9 March 2023 to continue discussions.
  3/08/2023 12:40pm EST
- Ongoing
  
  EMEA DC Meeting Statement - 7 March 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Wednesday 8 March 2023 to continue discussions.
  3/07/2023 12:00pm EST
- Ongoing
  
  EMEA DC Meeting Statement - 27 February 2023
  The EMEA DC met today and is continuing to assess the DC Question. The EMEA DC invites market participants to submit any further public information relevant to the DC Question or the Successor question in relation to the same Reference Entity by no later than the end of Friday 3 March. The EMEA DC is also approaching the Reference Entity for such information in parallel.
  DC Secretary’s contact details
  2/27/2023 03:15pm EST
- Ongoing
  
  EMEA DC Meeting Statement - 24 February 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Monday 27 February 2023 to continue discussions.
  2/24/2023 11:30am EST
- Ongoing
  
  EMEA DC Meeting Statement - 17 February 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again in due course to continue discussions.
  2/17/2023 12:00pm EST
- Ongoing
  
  EMEA DC Meeting Statement - 16 February 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Friday 17 February 2023 to continue discussions.
  2/16/2023 10:50am EST
- Ongoing
  
  EMEA DC Meeting Statement - 13 February 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Thursday 16 February 2023 to continue discussions.
  2/13/2023 10:30am EST
- Ongoing
  
  EMEA DC Meeting Statement – 8 February 2023
  The EMEA DC met today to continue discussions in relation to the DC Question. The EMEA DC agreed to meet again on Monday 13 February 2023 to continue discussions.
  DC Decision
  2/08/2023 11:00am EST
- Ongoing
  
  EMEA DC Meeting Statement – 6 February 2023
  The EMEA DC met today to commence discussions in relation to the DC Question. The EMEA DC agreed to meet again on Wednesday 8 February 2023 to continue discussions.
  2/06/2023 11:35am EST
- Request Accepted by DC
  
  2/03/2023 10:05am EST
- Pending DC Consent
  
  2/02/2023 01:45pm EST