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Following closely on the heels of London-based Cheyne Capital's collapsed USD 6.6 bn Cheyne Finance structured investment vehicle (SIV), Rhinebridge, a Dublin-based USD 2 billion SIV sponsored by German bank IKB, has become the second vehicle of its kind to begin selling-off its assets after defaulting on its 18 October payments to debt-holders.

Deloitte, which is also active in the sale of Cheyne Finance's assets, confirmed it has been appointed receiver to Rhinebridge after being called in by the Bank of New York, a trustee that looks after the interests of Rhinebridge's debt-holders.

Deloitte says it will 'review the options to maximise value' and is likely to look at selling Rhinebridge's assets or look for a rescuer willing to refinance the SIV.

Earlier this week Deloitte said that the Royal Bank of Scotland was in talks to buy the investment portfolio of the collapsed Cheyne Finance SIV.

RBS plans to transfer assets from Cheyne Finance to a new SIV, which would be funded in part by SIV's investors.

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