Goldman Sachs has agreed to purchase a restructured SIV run by London-based hedge fund Cheyne Capital, a deal which many hope will serve as a model for restructuring/unwinding similarly plagued structured finance entities and transactions. Cheyne’s investors will have recourse to a variety of options, from cash to continued access to the assets in a new vehicle run by Goldman. Whether or not confidence in credit markets will be boosted remains to be seen - Times of London notes that Goldman shares were marked down after the news – but it will certainly depend on the value given to Cheyne’s assets. A trickle of hope in tough times…
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