New Look: Dear ISDA, please sort yourselves out.

All,

New Look: CDS has once again taken a restructuring process for a ride. New Look is having to implelent its restructuring via a formal pre-ack Scheme Of Arrangement as opposed to a consensual deal that it effectively was, because CDS players, fronted by Sona, need to produce a hard trigger to ensure the SUNs remain deliverable into the contract. To protect their position, Sona have had to acquire a blocking minority in the SUNs, which means added risk (its all pre-agreed and the process is tried and tested), delays and costs for everyone else. 

Wolfgang