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Global Brokerage to File Prepack

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On November 10, 2017, Global Brokerage, Inc. announced a series of steps to achieve stability, reduce costs and equip Global Brokerage for the future, including entry into a restructuring support agreement and expected delisting from Nasdaq Global Market, transferring to Nasdaq Capital Market and certain changes to its board of directors and officers. The Company has entered into a restructuring support agreement to restructure the obligations of Global Brokerage and Global Brokerage Holdings pursuant to a prepackaged plan of reorganization to be filed under Chapter 11 of the U.S. Bankruptcy Code. The overall purpose of the Plan is to enable Global Brokerage to extend the maturity on its current debt obligations for five years and restructure its current operations to reduce current expenses. Global Brokerage’s legal advisors are King & Spalding LLP, and its financial advisors are Perella Weinberg Partners LP. Read more on distressed companies.