Deloitte & Touche, the receivers of the former Cheyne Finance, now known simply as SIV Portfolio have announced, as widely anticipated, a restructuring agreement with Goldman Sachs. 

The SIV will sell a portion of its portfolio to Goldman and auction off the remainder on or about 17 July. The receivers will then use the proceeds to pay down the SIV's senior debt holders. Senior debt holders will also be given the option of swapping their notes for liabilities of a new special purpose vehicle. However Deloitte & Touche say the transfer of assets may not go ahead if it deems that the auction price is not acceptable or in the event of "adverse market conditions".