Ritchie Capital Units File For Chapter 11

Law360, New York (June 21, 2007, 12:00 AM EDT) -- Facing a liquidity crisis, two Irish investment companies established by hedge fund Ritchie Capital Management LLC to invest in life insurance policies have filed for bankruptcy.

On Wednesday, Ritchie Risk-Linked Strategies Trading (Ireland) Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II Ltd. filed voluntary petitions for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York.

The Risk-Linked funds have acquired a $30 million debtor-in-possession loan from ABN Amro Bank NV. The funds have listed combined liabilities of over $811 million, and...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.