Hedge fund files for bankruptcy
Credit market upheaval claims Australian hedge fund
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