Cemex Workout Ruled Restructuring Event

Cemex Workout Ruled Restructuring Event

Corporate & Sovereign Strategy

Cemex’s $15bn bank debt refinancing, concluded in August, has been ruled by ISDA to have constituted a “restructuring credit event” because it resulted from a deterioration in the creditworthiness of the issuer. The decision, which was made by an external review panel appointed by ISDA and announced Monday, will primarily impact writers and holders of Cemex CDS, and will likely have zero effect on Cemex’s own cashflow or credit quality, according to analysts eyeing the credit. “Sellers of CDS pr

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