Bear Stearns Hedge Funds File For Bankruptcy

By Jacqueline Bell (August 1, 2007, 12:00 AM EDT) -- Two Cayman Islands-based Bear Stearns hedge funds that ran into trouble over risky investments connected to subprime mortgage loans filed for bankruptcy protection late Tuesday.

The two hedge funds, Bear Stearns High-Grade Structured Credit Strategies Master Fund Ltd. and Bear Stearns High Grade Structured Credit Strategies Enhanced Leveraged Master Fund Ltd, filed for Chapter 15 bankruptcy protection in the U.S. District Court for the Southern District of New York.

Both funds listed debts and assets in excess of $100 million in their bankruptcy petitions.

A bankruptcy judge on Wednesday granted a temporary restraining order that will keep the funds' creditors at...

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