Banks Bidding For Cheyne Bailout

Oct 22 2007 | 7:27am ET

Goldman Sachs and the Royal Bank of Scotland are reportedly bidding to keep Cheyne Finance, the structured investment vehicle founder by London hedge fund Cheyne Capital, afloat.

Deloitte & Touche, appointed receiver of the SIV by Cheyne Capital, is in talks with three banks in an effort to let Cheyne Finance to live to trade another day.

A decision on a bidder could be reached within days, according to The Telegraph. Under certain plans, the SIV could be back in business. The future of Cheyne Finance’s managers remains uncertain.

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