Saturday, 25 April 2015
Last updated 1 day ago
Nov 28 2007 | 7:41am ET
Creditors of a structured investment vehicle formerly run by a British hedge fund are considering a restructuring plan that could save them from huge losses.
The Wall Street Journal reports that under a proposed deal, senior creditors would be able to choose to either refinance their debt or take a steeply discounted pay-out. The assets of the $7 billion SIV, run by Cheyne Capital Management until it went into receivership on Sept. 5, would then be transferred to a new, longer-term vehicle, buying creditors time to sell the portfolio, which has been wracked by the sinking credit market.
Another option for the former Cheyne Finance, now known as SIV Portfolio and run by receiver Deloitte & Touche, is to seek a buyer for its portfolio. But talks with potential buyers have been stymied by the continuing freefall in the value of the SIV’s assets.
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…