MF Global obtains fast track confirmation of chapter 11 plan of liquidation
Clients MF Global Lender Group
Jones Day represented an ad hoc group of financial institutions holding more than $1.6 billion in claims in the chapter 11 bankruptcy cases of MF Global Holdings Ltd. and its related debtors. Jones Day and its client group proposed a global settlement of disputes among the three separate MF Global bankruptcy estates (the chapter 11 cases, the SIPA proceeding of MFGI, and a UK proceeding for the MFGUK subsidiaries) and filed a plan and disclosure statement to implement the proposed inter-company settlements and implement a plan of liquidation for the chapter 11 bankruptcy cases. The chapter 11 Trustee and the creditors' committee joined as co-proponents of the proposed plan which was confirmed, largely uncontested, within three months.