MF Global (MFGLQ) Inc. won bankruptcy court approval of procedures that will help it sort through $22.7 billion worth of claims from 6,669 general creditors. MF Global’s trustee, James Giddens, had asked the court to repay general creditor claims under certain procedures for settlements and objections. The motion gives him the authority to settle claims without court permission where the amount is less than $50,000. “I think it’s clearly a sensible procedure,” said U.S. Bankruptcy Judge Martin Glenn, approving the request after hearing from lawyers that the settlement protocols would cover about 80 percent of the remaining claims. More on Bloomberg Businessweek here.
