FXCM Group and Leucadia Comment on GLBR Restructuring Plan and Announce Credit Agreement Extension
NEW YORK, Nov. 11, 2017 (GLOBE NEWSWIRE) -- FXCM Group, LLC ("FXCM Group" or "FXCM") and Leucadia National Corporation (NYSE:LUK) ("Leucadia") today commented upon Global Brokerage, Inc.'s ("GLBR") restructuring announcement (the "Restructuring") and announced a twelve-month extension to Leucadia's loan to FXCM providing additional time to pay back the remaining balance.
Jimmy Hallac, Chairman of the Board of FXCM and Managing Director of Leucadia, stated: "We are very pleased that GLBR has pursued a path that, in relatively short order, will resolve the uncertainties relating to its future. We believe that the Restructuring is a very positive thing for FXCM that will allow FXCM to put to rest any remaining uncertainties surrounding its ability to drive forward and continue to plan for the future following the changes in early 2017. To that end, Leucadia extended our credit agreement to give FXCM even better flexibility to achieve that goal."
Brendan Callan, CEO of FXCM, stated: "FXCM clients should know that GLBR's refinancing does not affect FXCM Group, which continues to operate as usual. GLBR's plan is positive news for FXCM as it allows us to put GLBR's distractions behind us. Leucadia's incredible support and loan extension allows FXCM to appropriately balance debt repayment with our growth and innovation plans."
To stay updated on FXCM company news visit the press release page on our website here: https://www.fxcm.com/uk/press-releases/
About Leucadia National Corporation
Leucadia National Corporation is a diversified holding company that invests in a broad array of businesses. The Company's financial services businesses and investments include investment banking and capital markets (Jefferies Group), asset management (Leucadia Asset Management), real estate (HomeFed), online provider of foreign exchange trading services (FXCM), commercial mortgage banking, investment sales and servicing (Berkadia), and vehicle finance (Foursight Capital). The Company's merchant banking businesses and investments include an insurance and consumer products company (HRG Group), beef processing (National Beef), oil and gas exploration and development (Vitesse Energy and JETX Energy), automobile dealerships (Garcadia), fixed wireless broadband services in Italy (Linkem), manufacturing (Idaho Timber) and a gold and silver mine (Golden Queen).
About FXCM Group, LLC
FXCM is a leading provider of online foreign exchange (FX) trading, CFD trading, spread betting and related services. The company's mission is to provide global traders with access to the world's largest and most liquid market by offering innovative trading tools, hiring excellent trading educators, meeting strict financial standards and striving for the best online trading experience in the market. Clients have the advantage of mobile trading, one-click order execution and trading from real-time charts. In addition, FXCM offers educational courses on FX trading and provides trading tools proprietary data and premium resources. FXCM Pro provides retail brokers, small hedge funds and emerging market banks access to wholesale execution and liquidity, while providing high and medium frequency funds access to prime brokerage services via FXCM Prime.
FXCM Group is a holding company of Forex Capital Markets Limited, inclusive of all EU branches (FXCM UK), FXCM Australia Pty. Limited (FXCM AU), and all affiliates of aforementioned firms, or other firms under the FXCM group of companies [collectively "FXCM"].
Trading foreign exchange and CFDs on margin carries a high level of risk, which may result in losses that could exceed your deposits, therefore may not be suitable for all investors. Read full disclaimer.
Jaclyn Sales, 646-432-2463
Vice-President, Corporate Communications
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: FXCM, Inc. via Globenewswire