Refco granted court OK of bidding procedures for $1.54 million share repurchase

By Caroline Salls

Pittsburgh, Jan. 13 - Refco, Inc. obtained court approval of the bidding procedures for its proposed $1.54 million sale of Refco Group Ltd., LLC's equity interests in Partners Capital Investment Group, LLC back to Partners Capital, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The sale shares make up 14.29% of the total outstanding shares of Partners Capital.

If Partners Capital is not the high bidder, Refco will pay it a $43,120 break-up fee plus an up to $15,000 expense reimbursement.

The initial overbid must be for $50,000 more than the purchase price. Each subsequent bid must be for at least $10,000 more than the previous bid.

The auction will be held on Feb. 24, and the sale hearing is scheduled for Feb. 28.

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

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