Country Garden Missed Payment Declared 'An Event of Default'

The video discusses the default on Country Garden's dollar bond, marking the first use of 'default' on their offshore bonds. This event impacts all bondholders, even those not holding the specific defaulted bond. A trustee issued the default notice, and the CDS committee's decision on credit default swaps is awaited. Bondholders are concerned about cross defaults and are likely negotiating restructuring options.

What is the role of the ACDS committee in relation to Country Garden's credit default?

What actions might bondholders be considering in response to the default?