JP Morgan Chase deal with MF Global

JP Morgan Chase & Co. has agreed to a settlement that may lead to the approval of MF Global’s bankruptcy plan. JP Morgan objected to the bankruptcy plan filed by hedge funds in the MF Global bankruptcy case. The group of hedge funds proposed a plan, which was backed by the bankruptcy trustee, wherein general unsecured creditors of the holding company would receive up to 39 cents on the dollar while unsecured creditors of the finance company would receive up to 34 cents on the dollar. Under the agreement, $275 million would be subordinated to the debt owed to a lending group led by JP Morgan.

For more read, “MF Global, J.P. Morgan in Deal on Chapter 11 Case.

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