Friday, 19 September 2014
Last updated 7 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.