Bear Salvages One Hedge Fund

Bear Stearns will provide up to $3.2 billion to finance its struggling hedge fund, according to Reuters.   Bear said it provided secured financing to the High Grade Structured Credit Strategies Fund, which, according to a source familiar with the situation, was down about 5% through April.    The financing will eliminate exposure that Citigroup and Barclays had in the fund, sources said.   A restructuring plan is still being worked on with creditors for the second fund, sources said. The High Grade Structured Credit Strategies Enhanced Leverage Fund was down 23% for the year by the end of April.    The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.