Leucadia National Corp.’s emergency bailout of a crippled currency brokerage in 2015 is taking a detour through bankruptcy court.
Global Brokerage Inc., formerly known as FXCM Inc., filed for Chapter 11 protection on Dec. 11, seeking to extend a credit agreement with Leucadia for one year. Leucadia threw the company a $300 million lifeline in 2015, and the pair now jointly own FXCM Group LLC, an online currency brokerage. Distributions from that business are Global Brokerage’s only revenue source, according to the filing.
Global Brokerage said its operating units aren’t included in the bankruptcy and that FXCM Group’s clients and ...
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