This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Creditor Co-Proponents And JPMorgan Chase Agree To Amended Joint Plan Of Liquidation Of MF Global Holdings Ltd.

NEW YORK, March 5, 2013 /PRNewswire/ -- Louis J. Freeh, the Court appointed Chapter 11 Trustee of MF Global Holdings Ltd. ("Holdings Ltd."), is pleased to announce that JPMorgan Chase Bank, N.A., as Agent for the $1.2 billion revolving credit facility ("JPM") and the Creditor Co-Proponents of the Amended Joint Plan of Liquidation (the "Plan") have reached an agreement to modify the Plan to resolve the objections of JPM. 

The settlement, reached through court ordered mediation, provides that the "Interco Settlement" in the Plan will be adjusted to include the subordination of $275 million of the $1.887 billion intercompany claim of Holdings Ltd. against MF Global Finance USA Inc., to the lenders' claims under the approximately $1.2 billion revolving credit facility and a distribution of all recoveries under the plan on such subordinated claim to the lenders under the facility.  The settlement will result in a slightly modified distribution range for unsecured creditors, which will be filed shortly with the Bankruptcy Court. Creditors have until March 25, 2013 to vote on the Plan. 

"The settlement is in the best interest of creditors as it removes a major hurdle to confirmation of the Plan.  I applaud the efforts of the parties involved in resolving this dispute through mediation rather than litigation," noted Freeh. 

The confirmation hearing is currently scheduled for April 5, 2013.

MEDIA CONTACTS Jeffrey Goldberger/ Lewis GoldbergKCSA Strategic Communications212-896-1249 / 212-896-1216

SOURCE MF Global Holdings Ltd.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,677.90 +216.58 1.32%
S&P 500 1,950.82 +23.71 1.23%
NASDAQ 4,452.7920 +69.9450 1.60%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs