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This is called restructuring, not a default.
by borism 15y ago
This is called restructuring, not a default.
- pwaring 15y agoA restructuring can be classed as a default by the rating agencies, and for the purposes of paying out on credit default swaps.
- chalst 15y agoRestructuring avoids default only if the creditors agree to it before default. Default is any failure to pay the full amount of the coupon on a bond on time, where the coupon on a bond is the specification of which sums of money are payable when.