BusinessBusiness RecoveryHedge fund files for bankruptcy

Hedge fund files for bankruptcy

Credit market upheaval claims Australian hedge fund

Basis Yield
Alpha Fund,
a £50m hedge fund, has filed for
Chapter 11 Bankruptcy
protection after being hit by rising mortgage defaults.

According to reports, as the situation in the US sub-prime market spread, the
value of its underlying investments fell and it was unable to meet calls from
its creditors to pay back loans.

As a result the fund was served with default notices.

Creditors include JP Morgan
Chase
, Goldman Sachs and Citigroup Global Markets.

The Cayman Islands-registered fund is a division of Australia’s Basis
Capital.

Further reading:

US venture capitalists worry over tax threat

Bank defended over derivatives mess

Related Articles

Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

1w Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

1w Emma Smith, Managing Editor
KPMG appoints new global head of insolvency

Business Recovery KPMG appoints new global head of insolvency

4w Emma Smith, Managing Editor
EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

5m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

6m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

8m Alia Shoaib, Reporter
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

9m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor