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MF Global U.K. Unsecured Creditors to Get 40 Percent Payment
Unsecured creditors of MF Global Holdings Ltd.’s U.K. unit may receive an interim payment of as much as 40 percent of their claims, the company’s administrators said.
The payment had been estimated at 20 percent last month, KPMG LLP said in a statement. Former customers of the firm’s U.K. arm will get a distribution of about 60 percent after settling a dispute with the company’s U.S.-based units.
“We are pleased to be able to announce further improvements in anticipated distributions to MF Global U.K.’s customers, in particular a potential increase in the first interim distribution to unsecured creditors,” Richard Heis, a restructuring partner at KPMG LLP, which is winding up the U.K. unit, said in an e-mailed statement today.
MF Global filed the eighth-largest U.S. bankruptcy on Oct. 31, 2011, after getting margin calls and bank demands for money at its brokerage following its investment in the debt of troubled European economies. Legal disputes between the U.K. and U.S. units have tied up assets worth more than $1 billion and hindered repayment of the brokerage’s clients and creditors.
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