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14 May 2008
Stricken investment vehicle Golden Key’s entire portfolio is up for sale under an agreement between receivers, Deloitte & Touche, and arrangement bank, Goldman Sachs.
The receivers said this will offer ‘certain reinvestment opportunities’ for major creditors who can receive or retain cash in the vehicle, receive zero coupon notes or pass through notes in a Newco vehicle.
Receiver, Mark Adams said: ‘We are delighted with the great progress being made towards a Golden Key restructuring. This progress has partly resulted from the experience that of all the key parties now have with special investment vehicle restructuring, but also from the hard work put in by senior creditors and all advisers.’
The former Barclays Capital vehicle, based in the Cayman Islands, has $1.4bn (£720m) of US mortgage assets and was designed for Geneva-based asset management group Avendis.
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