Refco negotiating sale of futures brokerage business with J.C. Flowers-led investors

By Caroline Salls

Pittsburgh, Oct. 17 - Refco, Inc. is in advanced negotiations with a group of investors led by J.C. Flowers & Co. for the sale of Refco's futures brokerage business conducted through Refco LLC, Refco Overseas Ltd., Refco Singapore Pte. Ltd., according to a company news release.

The company said it expects to reach a memorandum of understanding with the J.C. Flowers & Co. group shortly and will execute definitive agreements soon thereafter.

Refco is a New York-based commodities brokerage company.

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