Refco plans breakup and files for Chapter 11
After the sale, Mark Winkelman will take up the post of chairman of Refco LLC with Jacob Goldfield as vice-chairman. Winkelman was formerly head of J Aron & Co and subsequently co-head of Goldman Sachs' fixed-income division.
The sale is expected to bring Refco $768 million - 103% of the businesses' net capital. Refco will also have the option of retaining up to 20% of the businesses. However, Refco emphasised that no sale had yet been agreed.
Meanwhile, Refco itself and several of its subsidiaries - not including the futures brokerage nor the Refco Securities broker-dealer - have filed for Chapter 11 bankruptcy protection.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@risk.net