BusinessBusiness RecoveryInvestment vehicle Golden Key for sale

Investment vehicle Golden Key for sale

Special investment vehicle of US mortgages is put up for sale by receivers

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.

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor