Clifford Chance scoops landmark Goldman Sachs SIV bailout” />Clifford Chance is advising Goldman Sachs on its groundbreaking restructuring series of structured investment vehicles (SIVs).
Lovells has joined Clifford Chance on several of these high profile SIV restructurings.
A source close to the deal said: “The reason it is so high profile is because people have been waiting since last Autumn for plans to move forward. It was somewhat delayed by the exposure of the SIV to the US sub-prime market making the regulatory requirements more complicated.”
Clifford Chance partner David Steinberg is leading the team advising Goldman Sachs on restructuring the $7bn SIV formerly owned by hedge fund, Cheyne Capital.
Lovells insolvency partner, Robin Spencer and capital mrkets partner James Doyle are leading the team advising the receiver, Deloitte.
Goldman Sachs won a beauty parade last Autumn of investment banks including Deutsche Bank and Morgan Stanley tendering to restructure a series of SIVs.
Goldman Sachs was selected last year with Cheyne Finance’s restructuring set to be the first of the series which could see approximately $18bn of assets restructured.
It is thought that the two firms also won the lead roles on a SIV formerly run by hedge fund Rhinebridge, with Clifford Chance and Lovells advising Goldman Sachs and Deloitte respectively.