CDS committee asked to rule on Galapagos default

credit default swap CDS 230x150 AS
By Owen Sanderson
18 Jul 2019

The EMEA CDS determinations committee will rule on whether German heat exchanger manufacturer Galapagos defaulted on its bonds by missing coupons on June 15. The committee will meet on Friday to decide whether a “failure to pay” event has occurred.

The company has launched a restructuring process supported by many holders of the secured notes, which allows the sponsor, Triton, to inject capital and liquidity, and keep control of the company, but will leave unsecured bondholders with almost nothing.

It planned to default on June 15, ...

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