Wednesday, 26 November 2014
Last updated 11 hours ago
Oct 31 2011 | 10:26am ET
MF Global's parent company and finance unit filed for Chapter 11 bankruptcy protection this morning, four years after the futures brokerage spun off from hedge fund giant the Man Group.
MF Global Holdings and MF Global Finance USA filed in federal Bankruptcy Court in New York. The former listed assets of $41 million and total debt of $39.7 billion, while the latter reported assets of up to $500 million and debt of up to $50 million. Trading in the company's shares has been halted, and its own trading has been suspended by the Federal Reserve Bank of New York and several exchanges.
MF Global has reportedly struck a deal to sell its assets to Interactive Brokers Group. Under the plan, negotiated over the weekend by MF Global CEO Jon Corzine and approved by the boards of both MF Global and IBG, IBG would make an initial $1 billion offer for MF Global's holdings in bankruptcy, The Wall Street Journal reports. None of MF Global's regulated entities would file for bankruptcy.
MF Global spun off from Man in 2007. Corzine, a former Goldman Sachs chairman, took the helm early last year, just months after losing his bid for reelection as New Jersey's governor. Corzine sought to transform MF Global from a futures brokerage into a full-service investment bank with a proprietary trading arm. But some of those proprietary trades, those in European sovereign debt championed by Corzine, have brought MF Global low.
Nov 4 2014 | 9:45am ET
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