BusinessBusiness RecoveryDeloitte still upbeat after Whistlejacket rescue dumped

Deloitte still upbeat after Whistlejacket rescue dumped

Big Four firm confident of avoiding fire sale after Standard Chartered withdraw $7.6bn rescue lifeline for floundering SIV

Receivers from Deloitte are still optimistic that a $7.6bn (£3.6bn)
structured investment vehicle can be saved from a fire sale after the bank which
originally sponsored it pulled the plug on a rescue package.

Standard Chartered dropped two proposals to rescue its Whistlejacket SIV only
a week after it was forced into receivership.

Deloitte’s point man Neville Kahn said a range of options were still viable,
according to
Reuters:
‘That includes alternative financing, whole book solutions or holding these
assets to long-term maturity. ‘But I can confirm that there is no need for a
fire sale of the assets. Absolutely categorically no need.’

Standard Chartered said it had decided to drop its plans which included the
possibility of taking Whistlejacket’s assets onto its balance sheet was down to
several factors.

These centred on ‘the pace of continuing deterioration in the market for
certain asset classes and the impracticality of completing any proposal within
the confines of the receivership as it has evolved,’ the bank said in a
statement.

Further reading:

Deloitte
takes over Standard Chartered SIV

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