Solvent Refco Unit Agrees To Pay $127.5M

Law360, New York (July 24, 2006, 12:00 AM EDT) -- A solvent subsidiary of bankrupt commodities brokerage Refco Inc. has agreed to pay Refco's creditors $127.5 million, adding to a swelling reservoir of cash set aside to deal with creditors’ claims.

Refco Securities LLC has two days after the court’s approval of the agreement to fork over 80% of the $127.5 million debt, and will pay the debt in full by December 22, 2006, according to court papers.

Refco Securities owes the debt—the exact amount of which is $127,459,910—to Refco Capital LLC, one of the bankrupt...
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