MF Global Holdings: Plan not expected to take effect before April 18

By Caroline Salls

Pittsburgh, April 11 - MF Global Holdings Ltd.'s plan of liquidation is not expected to take effect before April 18, according to an 8-K filed Thursday with the Securities and Exchange Commission.

As previously reported, the plan was confirmed on April 5 by the U.S. Bankruptcy Court for the Southern District of New York.

The company said the plan proponents have identified Rich Katz, Nader Tavakoli and Daniel Ehrmann as the initial directors of MF Global Holdings, MF Global Finance USA Inc. and MF Global Holdings USA Inc.

One of these initial directors will also serve as the manager of Global Capital LLC, MF Global Market Services LLC and MF Global FX Clear LLC.

In addition, MF Global said the initial plan trustees will be creditor co-proponent Silver Point Capital Fund, LP designee Austin Saypol, creditor co-proponent Knighthead Master Fund, LP designee Andrew Shannahan and creditor co-proponent Cyrus Capital Partners designee Joe Kronsberg.

MF Global Holdings, a New York-based commodity and derivatives broker, filed for bankruptcy on Oct. 31, 2011. Its Chapter 11 case number is 11-15059.

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