Reply #14: Game of Hot Potato in Progress: Deal struck on SIV Portfolio refinancing: Deloitte

[UpInArms]

http://www.reuters.com/article/businessNews/idUSL2458556820071224?feedType=RSS&feedName=businessNews

LONDON (Reuters) - An agreement has been reached on the sale of the portfolio of SIV Portfolio, a structured investment vehicle, to bidders including Goldman Sachs (GS.N: Quote, Profile, Research), the fund's receivers Deloitte & Touche said on Monday.

"The receivers of SIV Portfolio Plc ... have today announced that they have reached agreement on non-binding heads of terms for the sale of the entire investment portfolio held by the company to Goldman Sachs International and/or alternative bidders," Deloitte & Touche, the receivers, said in a statement.

SIV Portfolio, managed by British hedge fund Cheyne Capital Management, went into receivership in September after drawing down liquidity lines to help repay maturing debt.

The agreement follows talks with a number of different bidders over the past few weeks and consultation with the informal creditors' committees, Deloitte said.

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