"The receivers of SIV Portfolio Plc ... have today announced that they have reached agreement on non-binding heads of terms for the sale of the entire investment portfolio held by the company to Goldman Sachs International and/or alternative bidders," Deloitte & Touche, the receivers, said in a statement.
LONDON (Reuters) - An agreement has been reached on the sale of the portfolio of SIV Portfolio, a structured investment vehicle, to bidders including Goldman Sachs <GS.N>, the fund's receivers Deloitte & Touche said on Monday.
"The receivers of SIV Portfolio Plc ... have today announced that they have reached agreement on non-binding heads of terms for the sale of the entire investment portfolio held by the company to Goldman Sachs International and/or alternative bidders," Deloitte & Touche, the receivers, said in a statement.
SIV Portfolio, managed by British hedge fund Cheyne Capital Management, went into receivership in September after drawing down liquidity lines to help repay maturing debt.
The agreement follows talks with a number of different bidders over the past few weeks and consultation with the informal creditors' committees, Deloitte said.
!ADVERTISEMENT!Under the non-binding terms, certain reinvestment opportunities will be offered to some existing creditors of the company.
"All parties continue to negotiate towards reaching a binding agreement and finalizing documentation," Deloitte said.
(Reporting by Natalie Harrison; Editing by Quentin Bryar)
