UPDATE: Cheyne SIV Sells Assets To RBS

Oct 22 2007 | 3:34pm ET

The receiver for hedge fund Cheyne Capital’s structured investment vehicle, which defaulted on its debts last week, has struck a deal with the Royal Bank of Scotland Group.

The receiver, Deloitte & Touche, said RBS will set up a new vehicle which will buy Cheyne Finance’s $7.2 billion in assets. “The action follows detailed discussions with a number of different bidders over the past few weeks and after consultation with the informal creditors’ committee,” Deloitte, appointed last month by Cheyne Capital, said in a statement.

Earlier reports indicated that Deloitte was in talks with three banks, including RBS and Goldman Sachs, and that it was possible the SIV, which has $7.3 billion in outstanding debt, could remain in business.

The new RBS vehicle is to be financed both by new and existing investors. It will liquidate Cheyne Finance’s positions over time.

RELATED ARTICLES

Banks Bidding For Cheyne Bailout
Cheyne SIV To Default


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Trump Attends 'Villains and Heroes' Costume Party Dressed As...Himself

Dec 5 2016 | 11:16pm ET

U.S. President-elect Donald Trump attended a "Villains and Heroes" costume party...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR