QUOTE
Nov. 6 (Bloomberg) -- Sachsen Funding 1 Ltd., a $2.2 billion structured investment vehicle set up by Landesbank Sachsen Girozentrale, failed to convince investors to approve a planned refinancing.
The SIV, set up in May by SachsenLB, based in Leipzig, Germany, had been trying to restructure its debt after a decline in the value of its mortgage-backed bond holdings. The company is now asking investors for one month to allow it to develop a new plan before triggering liquidation, according to a Regulatory News Service statement today.
The SIV, set up in May by SachsenLB, based in Leipzig, Germany, had been trying to restructure its debt after a decline in the value of its mortgage-backed bond holdings. The company is now asking investors for one month to allow it to develop a new plan before triggering liquidation, according to a Regulatory News Service statement today.
http://www.bloomberg.com/apps/news?pid=206...&refer=bond
As i said before get your cash out, go buy some gold as iam doing tomorrow, cash and gold.
I have warned them.