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

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.