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.
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