Refco receives additional bids for assets; sets auction date
07 November 2005 | 1773 views | 0
Refco, Inc. (OTC: RFXCQ) said today that it has received bids from five entities interested in acquiring some or substantially all of Refco's assets through a proposed sale under section 363 of the U.S. Bankruptcy Code.
The bidders expressed interest in Refco's business in the U.S., Europe and Asia.
In accordance with the bidding procedures established by the U.S. Bankruptcy Court for the Southern District of New York, Refco will review the bids received to determine whether they are qualified bids. Potential bidders will be notified prior to 5:00 p.m. EST on Monday, November 7 regarding whether their respective bid is deemed to be a qualified bid. An auction for those qualifying bidders will be held on Wednesday, November 9, and the winning bid is expected to be presented to the Court at a hearing on Thursday, November 10.
"We are extremely pleased with the number and quality of the bids received and are very much encouraged by the strong interest expressed by the various potential bidders," said William Sexton, chief executive officer of Refco. "These bids are tangible evidence of the value of Refco as a viable, going-concern business," Mr. Sexton said. "We look forward to continuing with this process and completing the sale to the party making the highest and best offer for Refco's assets."
Mr. Sexton also expressed his appreciation for those involved in this sale process. "The fact that we were able to generate such strong interest in the sale of our assets is a testament to the hard work of our senior management team, our outside legal and financial advisors and all of our employees and brokers," Mr. Sexton said. "They have done an outstanding job under challenging circumstances, and their efforts will help ensure that we achieve the best outcome for all interested parties."