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Wilmington Trust, a leading provider of institutional trustee, agency, and administrative services through its Corporate Client Services (CCS) business, has been appointed by the United States Trustee to serve as a member of the unsecured creditors’ committee in the bankruptcy of MF Global Holdings LTD (MF Global), which filed for Chapter 11 protection on Oct. 31, 2011, in the United States Bankruptcy Court for the Southern District of New York.
Wilmington Trust is serving as indenture trustee for holders of approximately $288 million of 1.875 percent senior notes due 2016; $325 million of 6.250 percent senior notes due 2016; $325 million of 3.375 percent senior notes due 2018; and approximately $79 million of 9 percent senior notes due 2038. The bankruptcy filing of MF Global involves no credit exposure or investment risk to Wilmington Trust, or M&T Bank. Through CCS, Wilmington Trust is paid a fee for its services in the MF Global case.
“Our role in the MF Global bankruptcy case is another indication of our position as a leading global provider of independent trustee and administrative services for corporate clients,” said William J. Farrell, executive vice president and head of CCS.
Wilmington Trust’s CCS business is a leading provider of trustee and other bankruptcy and corporate restructuring services, and has provided services that support several of the largest corporate bankruptcies in American history. Wilmington Trust has chaired the unsecured creditors’ committee of both the General Motors Corporation and Lehman Brothers Holdings, Inc. bankruptcy cases. Additionally, Wilmington Trust has served on the unsecured creditors’ committee in the Washington Mutual, Inc., WorldCom, Thornburg Mortgage, General Growth Properties, and Tribune Company bankruptcies, among others.
In addition to providing bankruptcy and restructuring services, CCS offers institutional trustee, agency, asset management, retirement plan, and administrative services for clients worldwide who use capital markets financing structures, as well as those who seek to establish or maintain nexus, or legal residency, for special purpose entities. CCS is distinguished from many of its competitors by its status as a core business, the experience and expertise of its global staff, its multi-jurisdictional presence, and its reputation for superior service and execution.
Wilmington Trust provides Wealth Advisory Services for high-net-worth clients throughout the United States and Europe, and Corporate Client Services for institutional clients throughout the
world. Wilmington Trust has offices in Arizona, California, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, Pennsylvania, South Carolina, Texas, Vermont, the Cayman Islands, the Channel Islands, London, Dublin, Frankfurt, Luxembourg, and Amsterdam. Wilmington Trust is owned by M&T Bank Corporation. For more information, visit www.wilmingtontrust.com or www.mtb.com/newsroom.
For further information: Kent Wissinger (717)237-6110; Megen Morris (302) 651-1462