Investors, bankers and policymakers have welcomed a deal reached by Goldman Sachs to restructure the first of a string of collapsed investment vehicles, seeing it as a sign that the private sector is finally starting to craft solutions to the long-running problems of distressed assets and structures in the credit markets.

Receivers to the $7bn structured investment vehicle (SIV) formerly run by London-based hedge fund Cheyne Capital confirmed Tuesday an agreement to restructure and sell the portfolio to the US bank.