FINalternatives: Hedge Fund & Private Equity News

Fidelity Whitepaper: Donating Special Assets

Service Providers

Goldman Has New Plan For Former Cheyne SIV

Goldman Sachs is continuing to clean up the mess left by Cheyne Finance, a structured investment vehicle set up by British hedge fund Cheyne Capital.

The Wall Street giant may tranch and rate some of the debt the vehicle still owns after a restructuring, Reuters reports. The plan would allow the 79% of investors in what is now called SIV Portfolio to sell the triple-A rated parts of the portfolio on the secondary market, potentially recouping some of their investment.

The balance of Cheyne Finance investors cashed out their investments in an auction that paid them 55% of their investment. Receiver Deloitte & Touche plans an additional distribution this month that will bring that figure to 60%.

Cheyne Finance went into receivership last September, when it defaulted on its loans.


< Previous Article Print This   Send This   Reprints   Next Article >