FXCM abandons Refco negotiations
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FXCM last week claimed Refco's creditors were "unreasonable" and "inflexible".
The FX brokerage firm had said it would bid $110 million for the assets of Refco FX Associates in November last year, subject to an auction and to Bankruptcy Court approval. The company won the auction in February – it was the only company to make a bid.
It was then met with resistance from Refco's creditors, who objected to the sale, claiming the price was too low (FX Week, February 20). The veto was countered with a
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