According to Reuters MF Global on Friday won court approval of a plan to
liquidate its assets, pay back creditors and end the $40 billion bankruptcy
that rocked the financial world in 2011.
The commodities brokerage, run by former New Jersey Governor Jon
Corzine, collapsed after investors were spooked by its exposure to about $6.3
billion in European sovereign debt.
The approval marked a major step in ending the massive
Chapter 11 filing, as MF Global is now able to implement the plan and pay
creditors. Judge Martin Glenn approved
the plan at a hearing in U.S. Bankruptcy Court in Manhattan, after noting the
"long road" to confirmation….
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