Distressed securities firm Schultze Asset Management is looking to crack into the CDO market, either in partnership with existing high-yield CDO managers, or as collateral manager itself, said seniors at Schultze.

The firm is currently in talks with a number of parties, including large banking institutions and insurance companies that want to offload bad assets from their balance sheets, in the same manner that Patriarch Partners has teamed with both FleetBoston and CIBC World Markets, to work out their distressed portfolios utilizing a CDO structure.

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