MF Global Seeks Permission to Repay Creditors

MF Global Inc. wants court approval to pay $295 million owed to its creditors, now that it has paid back most of its customers. In a Tuesday filing with the U.S. Bankruptcy Court in Manhattan, trustee James W. Giddens said he wanted to distribute $295 million to creditors, who have waited nearly three years as all but a few individual brokerage and commodity customers received 100% of payments owed. The bulk of the money is earmarked for unsecured creditors, who would receive a first distribution of about 20% of what Mr. Giddens has agreed to pay. Holders of secured, administrative and priority claims that have been resolved will get 100% of their money all at once if the request is approved. More in the Wall Street Journal here.