Business & Finance
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Fri, June 5, 2009
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Global Diversified Investment Grade Income Trust - Default in respect of General Motors Corporation
MONTREAL, June 3 /CNW Telbec/ - Global Diversified Investment Grade Income Trust ("Global DIGIT") (TSX: DG.UN) announces that further to a filing on June 1, 2009 by General Motors Corporation for relief under Chapter 11 of the United States Bankruptcy Code, a bankruptcy credit event (default) has occurred in respect of General Motors Corporation. This reference obligation is included in four of the five portfolios to which Global DIGIT is exposed and represents 1% of each such portfolio. The impact of this default on Global DIGIT will be that the subordination levels in the affected portfolios will be lowered. However the exact percentage of this reduction will be known when the recovery rate is determined within the next several weeks. Regardless of the recovery rate, Global DIGIT will not suffer a loss pursuant to this credit event. About Global DIGIT Global DIGIT provides an economic interest in a mezzanine tranche of credit default swaps in respect of portfolios of synthetic corporate exposures, mortgage-backed securities, asset-backed securities and structured finance securities. For further information: François Rivard, (514) 879-6405; [ http://info.fbn.ca/trusts ]
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