Global Brokerage has announced that the company has successfully emerged from Chapter 11 proceedings on February the 8th. The firm’s plan for reorganization has been completed and confirmed by Bankruptcy Judge Michael E. Wiles on January 22nd, 2018.
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The new secured notes under the plan have been distributed to investors, including Leucadia National. Back in November, the firm announced that it has entered into a restarting agreement with almost 70 percent of its note holders.
In accordance with the plan, Global Brokerage the court has extended the maturity on the company’s current debt obligations for five years. The effort was undertaken by the firm in order to optimize operations and reduce current expenses. The company also delisted from the NASDAQ in the aftermath of the proposal.
The reorganization proposal of Global Brokerage was approved by 78.5 percent of the noteholders that held the company’s convertible notes that were previously due in 2018. According to the plan the company has to repay investors in 2023, when the new notes are due.