Business

MF Global gains time to reject leases

Jonathan Ernst/Reuters

Jon Corzine had led MF Global

NEW YORK - MF Global Inc., the failed brokerage winding down in bankruptcy, won more time to decide whether to keep or end contracts and leases with its business partners.

James Giddens, a trustee overseeing the company’s liquidation, now has until April 30 to decide which leases to reject.

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Under bankruptcy law, he previously had 60 days from MF Global’s Oct. 31 bankruptcy filing.

Jeffrey Margolin, a lawyer for the trustee, said more time was needed to evaluate the contracts, three of which have already been rejected.

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US Bankruptcy Judge Martin Glenn in Manhattan yesterday also approved the company’s request to transfer a lease for its Washington office space.

Giddens will transfer the lease to Guggenheim Securities LLC in exchange for the return of a $250,000 security deposit, less $38,356.14 for outstanding rent and $20,000 for fixtures and furniture.

The brokerage’s parent company, MF Global Holdings Ltd., once run by former Goldman Sachs Group cochairman Jon Corzine, filed the eighth-largest US bankruptcy after a wrong-way $6.3 billion trade on its own behalf on bonds of some of Europe’s most indebted nations.

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Corzine is also a former governor of New Jersey.

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