Refco Group granted court OK to sell 1,800 shares of Xinhua Finance on open market

By Caroline Salls

Pittsburgh, May 24 - Refco Group Ltd. obtained court approval to sell 1,800 shares of Xinhua Finance Ltd. in the open market, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the motion, the current value of the shares is $1.6 million.

The shares are held in a UBS account in the name of Refco Group. In order to sell the shares, the transaction must be executed through a Xinhua Finance-designated brokerage firm. UBS is a designated brokerage firm.

Refco Group said it believes that the sale will generate value for its estates and eliminate further exposure to market fluctuations.

Refco, a New York-based commodities brokerage company, filed for bankruptcy on Oct. 17, 2005. Its Chapter 11 case number is 05-60006.

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