KPMG named as receiver for group

KPMG said yesterday it had been named as the receiver for Coltrane CLO Plc, a €498 million Dublin-based collateralised loan obligation fund, after falls in the market value of its assets triggered default clauses.

CLOs invest in leveraged loans, used to help fund private-equity buyouts, and issue bonds backed by the cash flows from the loans.

Leveraged loan prices have dropped sharply in recent weeks.

“We look forward to discussing the various options for Coltrane and its assets with creditors over the coming days, with a view to maximising the value of the portfolio,” said Richard Heis, one of the receivers.