May 19, 2009 / 7:37 PM / 10 years ago

Georgia Gulf loan CDS triggered by debt payment miss

NEW YORK, May 19 (Reuters) - Payments on credit default swaps insuring Georgia Gulf Corp’s GGC.N loans will need to be made after the company failed to make interest payments due on some of its debt, the International Swaps and Derivatives Association said on Tuesday.

Georgia Gulf, a manufacturer and marketer of commodity chemicals, failed to make a payment on its debt due on April 15, ISDA said. Credit default swaps are used to protect against a borrower defaulting on its debt obligations, or to speculate on their credit quality. (Reporting by Karen Brettell; Editing by Dan Grebler)

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