JC Flowers pulls out of Refco bidding

Source: FGS Acquisition Group

FGS Acquisition Group today issued a statement.

Speaking on behalf of FGS, Mr. Flowers stated: "We are disappointed by certain aspects of the Bankruptcy Court's decision today, but we respect the Court's view. Under the circumstances, we are not prepared to commit at this time to purchase Refco LLC and related assets, as we would have been had the Court granted Refco's Bid Procedures motion. We have not made a decision whether we will participate in the bankruptcy auction, but we continue to think Refco is a great business, and we wish the employees and customers of Refco the best."

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