L.F. Rothschild Reaches Accord With Creditors
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NEW YORK — L. F. Rothschild Holdings Inc., parent of a respected Wall Street brokerage crushed in the 1987 stock market crash, said Thursday that it had reached agreement with creditors on a bankruptcy court reorganization plan.
The plan, which needs approval by the U.S. Bankruptcy Court, restructures $101 million in debt on which the parent of L. F. Rothschild & Co. defaulted in June.
Rothschild Holdings issued a statement saying its committee of unsecured creditors had approved the restructuring proposal. The brokerage subsidiary was not included in the bankruptcy court filing.
Since its parent sought protection from creditors under Chapter 11 of federal bankruptcy law in June, Rothschild & Co. has shuffled its management and scaled down its businesses in an effort to stay alive as a smaller brokerage.
“We’ve gone about trying to intelligently refocus the broker-dealer, which was never part of the bankruptcy,” Rothschild Chief Executive Joel E. Miller said in an interview. “We’re small and lean and well capitalized for what we do.”
Founded in 1899, the brokerage now has 45 workers.
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