Daily News: April 5, 2013

MF Global Seeks Approval to Liquidate Assets

Reuters reported that MF Global Holdings will seek court approval of a plan to liquidate its assets and repay creditors, signaling the final stages of its large and politically-charged bankruptcy.

Reuters said the collapsed brokerage would repay the bulk of lender JPMorgan Chase’s claim, and would pay unsecured creditors as much as 34 cents on the dollar under a plan slated to go before the bankruptcy court judge.

Reuters noted the brokerage was found to have misappropriated customer cash to try to plug liquidity gaps as it faltered.

To read the entire Reuters story, click here.

Previously on abfjournal.com:
JPMorgan, Others to Amend MF Global Liquidation Plan, Wednesday, March 06, 2013