NEW YORK (TheStreet) -- Struggling securities firm MF Global Holdings (MF) has hired bankruptcy and restructuring lawyers, according to a published media report.

Citing anonymous sources familiar with the matter,

The Wall Street Journal

reports that MF Global hired law firms Skadden, Arps, Slate, Meagher & Flom LLP and Weil, Gotshal & Manges LLP.

The company, which is run by former New Jersey Gov. Jon Corzine, is scrambling to save itself, possibly by selling all or part of its broker-dealer, the

Journal

said.

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MF Global's board met over the weekend to discuss its options, according to a

Bloomberg

report, which cited an anonymous source.

Investors have been dumping shares of MF Global because of worries about the firm's exposure to European government debt. On Friday the stock closed down 23 cents, or 16.1%, at $1.20, after trading as low as 99 cents.

Moody's

(MCO) - Get Report

and

Fitch Ratings

cut the firm's credit rating to near junk status on Thursday, with Moody's giving it a Ba2 and Fitch giving it a BB+.

This article was written by a staff member of TheStreet.