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Preserve Your Budget by Freezing Foods -- Savings ExperimentWhat a crazy world! Dealers in Europe canceled 6,850 contracts linked to Thomson SA, amounting to $16 billion dollars.
What happened to cause this? It all started when Thompson SA deferred payment on $72.5 million repayment on its 6.05% privately placed notes. This set off an immediate firestorm. As of August 14, traders bought 11,000 individual swaps contracts valued at $2 billion dollars.
Thompson called this move a "restructuring credit event." Thomson is trying to reorganize 2.8 billion euros ($4 billion) of debt to avert bankruptcy. This term is important as it was not an outright default. In these cases where repayment is deferred, a ruling must be made on whether or not the event is a restructure or an outright default.
Banks went bananas, buying and selling so many swaps that there were duplicates all over the place.
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