Defaulted

The Commodity Futures Trading Commission (CFTC) adopted a proposal to carry out the orderly liquidation of a swap transaction if one of the parties has defaulted, and a proposed rulemaking that subjects agricultural swaps and commodity option transactions to the same rules that apply to all other swaps.

While seeking a “global” solution to its credit crunch, PG&E Corp.’s merchant energy unit Friday hit the bottom of the credit ratings as its defaulted on debt payments involving nearly $500 million and faces another $900 million of debt due in the first quarter next year that its executives say it can’t make the payments on.