BusinessBusiness RecoverySigma SIV still solvent says Gordian Knot

Sigma SIV still solvent says Gordian Knot

Sponsor vows $30bn structured investment vehicle will still be able to pay its creditors back after Deloitte is called in to advise

A City investment company has said that a $30bn(£15.2bn) structured
investment vehicle (SIV) is still solvent after concerns were raised by
creditors of the vehicle.

Gordian Knot took steps to defend itself after reports emerged that Deloitte
had been called in by Sigma Financial investors worried about recovering their
debts.

‘Sigma is solvent and both senior debt and capital notes of Sigma continue to
be paid in full and on a timely basis,’ Gordian Knot said on
Sigma’s Web
site
.

Gordian said that $2.95bn of debt is due to be repayed to creditors on 30
September and also remained confident that its accounting procedures for the
SIV were up to standard.

‘Gordian continues to provide detailed disclosure on Sigma in the form of its
annual and quarterly accounts. Annual accounts for the financial year ended 30
April 2008 are being prepared currently,’ the investment company added.

Further reading:

Creditors
hail the salvation of structured investment vehicles

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