Put your studies to work: does the actions of Sharp Corp. (as detailed in this Bloomberg story: http://bloom.bg/1MSPoyC), constitute a credit event and thus trigger the outstanding CDSs?
CFAI, with black on white, considers debt restructuring a credit event. In the field though it probably depends on court decision so it is very much a grey area. Just like everything else in the industry.
Croatia and Greece are recorders in Europe by CDS spreads width. Take the loan here is more expensive than rob the bank toward risk-reward premium.
It really depends on how that specific CDS defines credit events.