Thursday, July 26, 2007

UPDATE 1-Bear Stearns seizes troubled hedge fund's assets

(Reuters) - In a statement on Thursday, Bear Stearns said it "assumed
possession of the assets" securing a $1.3 billion credit
facility provided to the High-Grade Structured Credit
Strategies Fund after the fund was unable to meet a margin
call.




The investment bank said it does not expect any "material
change" in financial exposure as a result of its action. It
said it will continue to pursue an "orderly liquidation" of
assets, and will be in a position to establish appropriate
hedges to protect against future price declines.


Read more at Reuters.com Bonds News

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