Enter multiple symbols separated by commas

Possible Deal Seen for Cheyne SIV Creditors: WSJ

A deal that would give Cheyne Finance creditors the ability to avoid booking hundreds of millions of dollars of potential losses is in the works, the Wall Street Journal reported in its online edition, citing sources familiar with the situation.

Cheyne Finance, now known as SIV Portfolio, is a structured investment vehicle with about $7 billion, managed by British hedge fund Cheyne Capital Management.

Though the structure of the proposed deal remains unclear, one option would be to move assets into a new vehicle with senior creditors refinancing their debt, the Wall Street Journal said.

SIVs have been particularly hard hit by the credit market turmoil. It has been more difficult to value illiquid assets that rely on the "mark to market" pricing that these SIVs use.

They also rely on a risky strategy of short-term funding to invest in longer-term securities.


  • Jamie Dimon, chief executive officer of JPMorgan Chase & Co.

    JPMorgan Chase officials have not done enough to show how well the company is run, Chairman and CEO Jamie Dimon said on Wednesday.

  • A Qatari official stands near the FIFA World Cup trophy following its arrival in Doha.

    Qatar losing the right to host the FIFA World Cup is “within the realm of possibility,” Citi bank has said, with Wednesday’s arrests “bearish” for the Arab emirate’s banks.

  • Jamie Dimon

    JPMorgan Chase's officials haven't done enough to show what the company is doing right, leading to shareholders disapproval.