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Ritchie Capital Units File For Chapter 11

Law360 (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...
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