We hear that Avendis Enhanced Fixed Income, a Geneva-based CDO arbitrage and correlation trading fund is officially liquidating (thanks to a reader tip).
Here is the confirmation:
On the 6th September, 2007 in the Grand Court of the Cayman Islands, Glen Trenouth of BDO Tortuga and Malcolm Cohen of BDO Stoy Hayward LLP have been appointed jointly and severally the Joint Provisional Liquidators of Avendis Global Fund Ltd.
Avendis manages Golden Key, $1.9 billion SIV-lite (SIV-lites raise senior debt in the short-term ABCP markets and are essentially collateralized debt obligations) that had its commercial paper notes downgraded to junk in late August and was expected to sell.
Avendis also owns Charles Jourdan, the French luxury shoe maker.
SIV-lite sector raises fresh credit concerns [Financial Times]