Monday, 22 December 2014
Last updated 2 hours 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.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
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.