11 December 2017
visit http://response.ncr.com

Refco receives additional bids for assets; sets auction date

07 November 2005  |  1773 views  |  0 Source: Refco

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."

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit http://info.nice.comvisit www.aciworldwide.com

Who is commenting?

Top topics

Most viewed Most shared
Revolut lets customers buy Bitcoin, Litecoin and EthereumRevolut lets customers buy Bitcoin, Liteco...
18447 views comments | 26 tweets | 22 linkedin
Saxo Bank's 'Outrageous Prediction': Bitcoin to peak at $60k next year before spectacular crashSaxo Bank's 'Outrageous Prediction': Bitco...
11346 views comments | 7 tweets | 7 linkedin
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
7732 views comments | 15 tweets | 21 linkedin
Santander UK poaches Barclays innovation chief Michael HarteSantander UK poaches Barclays innovation c...
6620 views comments | 8 tweets | 17 linkedin
Barclays, First Direct and Nationwide join FCA sandbox cohortBarclays, First Direct and Nationwide join...
6025 views comments | 5 tweets | 12 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job