Wednesday, 1 April 2015
Last updated 19 min ago
Oct 18 2007 | 8:10am ET
A structured investment vehicle run by hedge fund Cheyne Capital Management will default on its debts, the fund’s receiver said. Cheyne Finance is experiencing an “insolvency event,” making it unable to pay its debts when they are due. The SIV, which saw its credit rating slip to junk earlier this month, will combined its debt regardless of maturity, meaning it won’t pay its commercial paper debt sooner than its longer-term notes.
SIVs, which invest in mortgage-backed securities, have been roughed-up by this summer’s subprime mortgage market debacle.
Receiver Deloitte & Touche said it is negotiating a refinancing of Cheyne Finance, and that an asset sale is neither imminent nor inevitable.
“We are very pleased with the progress being made to implement a financing or a whole-book solution of which we are in advanced negotiations,” Deloitte’s Neville Kahn said. “Today’s determination has not had a detrimental effect on these negotiations and we have no need for immediate liquidation of assets in the book.”
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…