Eight Firms Appear On A List Of The Brokerage's Largest Unsecured Creditors
Commodities and financial derivatives broker MF Global Holdings filed a Chapter 11 case in Manhattan, along with its main finance unit, on Monday. Skadden, Arps, Slate, Meagher, & Flom, Sullivan & Cromwell, and Weil, Gotshal & Manges will be advising the firm on the matter. This case is considered as the eighth-largest bankruptcy in the history of U.S. making MF Global the first U.S. victim of the European sovereign debt crisis. Hughes Hubbard & Reed bankruptcy and corporate reorganization cochair James Giddens, Jr. has been appointed as the liquidating trustee for MF Global's brokerage by The Securities Investor Protection Corporation.