Tags: MF | Global | Owes | CNBC

Report: Bankrupt MF Global Owes CNBC $850,000

Tuesday, 01 Nov 2011 02:03 PM

Bankrupt financial services firm MF Global may owe huge sums of money to big banks like JPMorgan Chase and Deutsche Bank, but it owes another $850,000 to an unlikely creditor — the CNBC news channel, according to Mediabistro.com, which tracks events in the media and journalism industries.

"MF Global owes CNBC nearly $850,000, and while that pales in comparison to the more than $1.2 billion it owes JPMorgan Chase or the $325 million it owes Deutsche Bank, it still makes the cable news channel its seventh-largest creditor," the site adds.

"MF Global was a significant advertiser on CNBC," the site reports.
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Run by Jon Corzine, a former New Jersey senator and Governor as well as one-time head of Goldman Sachs, MF Global filed for bankruptcy after collapsing under bad bets on the eurozone.

corzine200gettyv1.jpg
Jon Corzine
(Getty Images photo)
Some are comparing the MF Global bankruptcy to that of Lehman Brothers in 2008, although on a much smaller scale.

"Ultimately it will have lost all confidence of its investor base," Michael Epstein, a restructuring adviser with CRG Partners, tells Reuters.

"I'm not sure what restructuring it actually does. In some respects, it's a baby Lehman, in effect."

Hopefully a buyer will come in, others say.

"A sale here is potentially the best outcome for employees because the company will continue to operate as opposed to slowly winding down," says Dan McElhinney, the managing director of corporate restructuring for Epiq Systems, Reuters adds.

"I think there will be a lot of effort to tee up the sale pretty quickly here."

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Bankrupt financial services firm MF Global may owe huge sums of money to big banks like JPMorgan Chase and Deutsche Bank, but it owes another $850,000 to an unlikely creditor the CNBC news channel, according to Mediabistro.com, which tracks events in the media and...
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Tuesday, 01 Nov 2011 02:03 PM
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