New York, October 31 (financeenquiry.com) – Jon S. Corzine, the former New Jersey governor, who took over the reins of MF Global Holdings Ltd., last year, is now desperately looking for a buyer to take over the company and save it from a crisis that was his own doing. He had made big bets on sovereign bonds issued by European countries. Those moves boomeranged to the extent of $6 billion as MF Global’s debt ratings went for a toss and investors lost all confidence in the securities firm.
It was revealed by reliable sources on Sunday that MF Global has hired law firms Skadden, Arps, Slate, Meagher & Flom and Weil, Gotshal & Manges to work out viable restructuring alternatives. The company could go in for bankruptcy filing or for a sale or a combination of the two.
One option mooted late Sunday was to combine the process of MF Global or parts of the company seeking bankruptcy protection, and selling some of the company’s assets to Interactive Brokers Group, a rival based in Greenwich, Conn. It was not very clear whether Interactive Brokers would make purchases separate from a bankruptcy filing or as part of bankruptcy proceedings. The present situation remains fluid.
It was reported that financial clearing houses were preparing for a potential bankruptcy filing or other restructuring by the troubled broker-dealer.
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