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Refco Files For Bankruptcy, Agrees To Sell Futures Brokerage

Law360 (October 18, 2005, 12:00 AM EDT) -- Just two months after an impressive $585 million initial public offering, Refco Inc. has filed for bankruptcy, agreeing to sell its core futures brokerage for $785 million in order to salvage some of its other subsidiaries.

Refco will sell the futures brokerage, which includes subsidiaries Refco LLC and its UK and Singapore affiliates, Refco Overseas Ltd. and Refco Singapore, to an investor group led by private equity fund J.C. Flowers LLC.

Flowers, a brokerage known for floating formerly insolvent businesses, said that Refco’s futures brokerage is...
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