MF Global’s turbulent 2008 continued when it conceded an equity stake to JC Flowers in return for up to $300m to help meet loan payments.
The beleaguered futures and options brokerage told the market of its agreement with JC Flowers during its full year and fourth quarter results. It also revealed a $71.1m loss during the fourth quarter after suffering from the repercussions of its $141.1m trading losses due to unauthorised wheat trades in February.
Despite the quarterly net loss, MF Global’s CEO, Kevin Davis said that the company remained in “rude and robust health”.
“MF Global has faced some of the most difficult market conditions in decades together...