Ritchie hedge funds obtain three-month exclusivity extension to complete asset sale

By Reshmi Basu

Pittsburgh, Oct. 16 - Ritchie Risk-Link Strategies Trading (Ireland), Ltd. and Ritchie Risk-Linked Strategies Trading (Ireland) II, Ltd. received an extension Tuesday to their exclusive periods to file a plan of reorganization and solicit votes on the plan from the U.S. Bankruptcy Court for the Southern District of New York.

The hedge funds' exclusive plan-filing period was extended to Jan. 16 from Oct. 18 and the solicitation period to March 17 from Dec. 17.

In court Tuesday, the hedge funds' counsel said the debtors are in the process of selling their assets.

The auction is scheduled for Nov. 9, and the sale hearing is set for Nov. 14.

Ritchie Capital Management's two Ireland-based hedge funds filed for bankruptcy on June 20. Their Chapter 11 case number is 07-11906.

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