Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

MF Global U.K. Unsecured Creditors to Get 40 Percent Payment

Don't Miss Out —
Follow us on:

Feb. 13 (Bloomberg) -- 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.

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.