Goldman Sachs and Deloitte & Touche LLP announced they had finalized plans to unload a portion of a $7 billion structured investment vehicle, which was set up by U.K. hedge fund manager Cheyne Capital Management LLP, according to a recent report by Bloomberg.

According to Neville Kahn, a partner at Deloitte in London, an auction is set to occur sometime during the first three weeks of July, and Deloitte will serve as a receiver for the SIV. The auction, a price will be established for the remaining assets currently owned by SIV Portfolio Plc, previously known as Cheyne Finance Plc.

Investors of the original fund that may not want to invest in the new Goldman fund will most likely be eligible for a share of the proceeds from the asset sale; however, holders of the lowest-ranking debt will probably not receive any of their money back.

Due to the fact that several mortgage-related markets have seemingly shut down during the past year, assets have been unusually hard to value. The hope for the auction is that some sort of transparent price for the assets will emerge without great difficulty.

Other firms that were hit hard following last year’s credit crisis will be watching closely as many also search for new ways to reorganize similar funds.

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