Deloitte close to helping break liquidity deadlock
Big Four firm at heart of efforts to restructure special investment vehicle
Deloitte is at the forefront of efforts to kick start liquidity in the
markets by negotiating a deal to restructure the $7bn (£3.6bn) special
investment vehicle Cheyne, for which it has been acting as receiver.
According to reports in the Financial Times the Big Four firm is negotiating
the deal with Goldman Sachs and there is speculation that such an arrangement
could herald a turning point in the credit crisis by showing how other troubled
SIVs could be restructured in the future.
Reports say the deal will involve Deloitte staging an auction for the assets
contained within Cheyne so that clear prices can be established, something which
have been virtually impossible to do because of the shutting down of the credit
Full details have yet to emerge and reports suggest the deal is yet to be
finalised. None of the parties thought to be involved have commented.