Bear Stearns Cos. (NYSE: BSC) said on Tuesday it will not a bail out a second hedge fund that has about $1.2 billion in debt.

The investment bank said it is working with creditors of the High-Grade Structured Credit Enhanced Leverage Fund to wind it down. Bear Stearns said it is not providing any financing to this fund.

We have brought in additional resources with expertise in these asset classes to facilitate the orderly deleveraging process, said Richard Marin, chief executive of Bear Stearns Asset Management.

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