George Weiss Offers to Fund Wind Down of Hedge Fund He Founded

George Weiss has offered to help fund the ongoing wind-down of his eponymous investment firm, which filed for bankruptcy earlier this year.

Weiss Multi-Strategy Advisers said in court papers Tuesday that its founder has agreed to provide a $1 million credit line to pay operating expenses and cover payroll for its remaining employees and professionals. The financing must be approved by a New York judge.

The hedge fund filed for Chapter 11 in April after announcing it would shut down and return cash. Weiss is also involved in a legal dispute with creditor Jefferies Financial Group over its decision to ...