MF Global Holdings Ltd. Announces Effective Date for Court Approved Joint Plan of Liquidation

NEW YORK, June 4, 2013 /PRNewswire/ -- Louis J. Freeh, the Court appointed Chapter 11 Trustee, is pleased to announce the effective date for the court-approved joint plan of liquidation of MF Global Holdings Ltd. and its debtor affiliates.  Effective immediately, Mr. Freeh will conclude his official duties as trustee, transferring those responsibilities to the newly appointed Board of Directors: Nader Tavakoli, Richard Katz and Daniel Ehrmann. 

"As I have previously conveyed, the joint liquidation plan is in the best interests of the creditors of MF Global Holdings Ltd. and its debtor affiliates, with the successful implementation of a distribution framework within a reasonable time frame," noted Mr. Freeh.  "With the plan approved and a new board in place, I am confident the liquidation process can be effectively administered to the satisfaction of the creditors." 

During his tenure, Mr. Freeh facilitated the eventual return of more than $1 billion to the creditors of MF Global Holdings Ltd. and its debtor affiliates.

On April 5, 2013, Bankruptcy Judge Martin Glenn approved the Joint Plan of Liquidation in the United States Bankruptcy Court for the Southern District of New York.  On July 3, 2013, Bankruptcy Judge Martin Glenn and Southern District of New York District Court Judge Victor Marrero will be presented with a motion for the approval of a settlement between James Giddens, the SIPA Trustee, and JPMorgan Chase Bank N.A., which if approved will satisfy the remaining condition of the "Global Settlement" among Mr. Freeh, Mr. Giddens and the Special Administrators of the debtors' UK affiliates, which Mr. Freeh hopes will serve as a conduit to the full distribution on the claims of the customers of MF Global Inc., MF Global Holdings Ltd.'s broker-dealer affiliate, which is in a separate liquidation proceeding.

Media Contact for MF Global Holdings Ltd.:
Jeffrey Goldberger 212 896 1249

SOURCE MF Global Holdings Ltd.