Irish SLO pushback begins as ISDA asked to rule on AIB restructuring event
Challenges to the Irish High Court’s ruling to change the terms of Allied Irish Banks’ subordinated securities have begun, with ISDA being asked to consider whether a restructuring event has taken place.
The high court handed down a Subordinate Liabilities Order on April 14, which changed the terms of 18 of AIBs subordinated securities, extending maturity dates and making coupon servicing discretionary.
Now an ISDA determinations committee is to consider whether a restructuring event has occurred on the securities, after
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