reuters.uk – A U.S. bankruptcy judge ruled on Tuesday that an agreement for Cargill to use a unit of bankrupt Refco as its sole commodities broker could be assigned to the new ownerof the Refco unit, Man Financial.
U.S. Bankruptcy Judge Robert Drain denied Cargill’s objection to an attempt to transfer the contracts and ruled that that exclusivity could be assigned to Man Financial, the brokerage unit of hedge fund company Man Group.
“We are disappointed in the ruling, and we are reviewing our options,” Cargill spokeswoman Lori Johnson said.
Separately, Judge Drain ruled that ACM Advanced Currency Markets could not take further steps to dilute Refco’s ownership stake until the court says otherwise.
