Global Brokerage Proceeds with Bankruptcy Voting Creditors Support Plan

The former parent of FXCM Group, Global Brokerage, is proceeding with its restructuring plan. Put to a vote, the reorganisation proposal was approved by a wide margin by holders of the firm's convertible notes, which are due in 2018.

About 78.5 percent voted to proceed with the Bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Read this Term filing. The company submitted its petition for reorganisation under Chapter 11 of the US Court of the Southern District of New York. The case is expected to proceed not longer than 60 days.

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In accordance with the plan, the main goal of the agreement is to restructure the Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term of Global Brokerage and Global Brokerage Holdings. The existing notes that fall due in 2018 will be swapped for new five year notes. The operations of the company will also be optimised to reduce expenses.

The restructuring of Global Brokerage is not affecting in any way the brokerage nor its customers. The retail and institutional clients of the firm, that include FXCM's banking and trading counterparties, service providers, and other business relationships, will continue as normal.

The company’s legal advisors are King & Spalding LLP, and its financial advisors are Perella Weinberg Partners LP.

Back in October 2017, the management agreement between Global Brokerage and FXCM Group was terminated. The company's shares have been delisted from NASDAQ.