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Thu 08 Aug 2008Rhinebridge backers set to recover 55% of investment
THE BACKERS of debt fund Rhinebridge, one of the first Dublin-based casualties of the credit crunch in international markets, are set to recover some 55 per cent of their $1.1 billion (€713.51 million) investment under a distribution and partial redemption finalised yesterday by the receivers of the fund.
Receivers Deloitte & Touche said last night they had concluded the sale of the portfolio of debt securities held by the collapsed fund, which defaulted last year. Senior investors in its commercial paper stand to recover 55 per cent of their money, but junior-ranking creditors will receive nothing.
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