BAWAG Sale Yields $200M For Refco Creditors

Law360, New York (December 15, 2006, 12:00 AM EST) -- A consortium led by private equity find Cerberus Capital Management has won the bidding war for Austrian bank BAWAG P.S.K. with a $3.43 billion bid, setting the stage for a $200 million payday for creditors of Refco Inc.

Cerberus finalized the deal with OeGB trade union, the Austrian trade union federation that currently owns the bank, on Thursday.

OeGB agreed earlier this year to pay Refco’s creditors a portion of the proceeds of the sale to settle allegations about BAWAG’s role in the futures broker’s collapse....
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