Overhaul Of Creditors Panel Threatens Refco Deal

Law360, New York (August 7, 2006, 12:00 AM EDT) -- Last-minute efforts by the U.S. Department of Justice to shake up Refco’s creditors committee have threatened to unravel a deal set to repay Refco Inc.’s creditors at least $2.3 billion, according to a deal negotiator.

Marc Kirschner, the court-appointed administrator of Refco’s Refco Capital Markets Ltd. subsidiary, is nearing an Aug. 31 deadline to gain court approval for a settlement that he worked out with multiple RCM customers and creditors. If Kirschner fails to make the deadline, he will be required under the settlement to liquidate...
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