The restructuring of structured investment vehicle, SIV Portfolio plc, which was formerly known as Cheyne Finance plc, could pave the way for similar transactions. This is not only the case for the SIV sector but for other restructurings in CDOs as well as the broader structured finance market.

Although assets were auctioned at low prices in the recent Cheyne SIV liquidation, the restructuring provided existing Cheyne SIV senior creditors with the flexibility on what to do with their assets.

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