Gulf Stream CDO assets go on sale next week

A date has been arranged for the sale of assets remaining in Gulf Stream Atlantic CDO 2007, according to a regulatory filing. The originally $500 million transaction will compete its liquidate on Tuesday 13 December with Stone Tower handling the process.

The CDO hit an event of default one year after closing in February 2008 after which the controlling class elected to liquidate the fund. It is believed that most of the assets have already been sold with Moody’s having withdrawn the deal’s ratings for this reason. However five assets remain including sub-prime RMBS and a couple of CDOs with total par value of roughly $19 million.