The slow and painful process of restructuring the various structured investment vehicles in receivership inched forward last month with details emerging on plans for the Cheyne portfolio and news that Blackrock may take over as replacement manager on the stricken Whistlejacket vehicle. These are two of five SIVs in receivership that Goldman Sachs is restructuring, the others being Avendis’s Golden Key, Solent Capital’s Mainsail and IKB’s Rhinebridge vehicles. Receiver on four of the restructurings is Deloitte, with KPMG handling Mainsail.
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