Global Brokerage, Inc. Announces Entry Into Restructuring Support Agreement with Approximately 70% of Noteholders

Global Brokerage Inc / Global Brokerage, Inc. Announces Entry Into Restructuring Support Agreement with Approximately 70% of Noteholders . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.

Also Announces Delisting from NASDAQ Global Market, Transfers to NASDAQ Capital Market and Changes to its Board of Directors and Executive Officers

NEW YORK, 2017-11-11 (GLOBE NEWSWIRE) -- Global Brokerage, Inc. (NASDAQ:GLBR) ("Global Brokerage"), announced today 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. 

Restructuring Support Agreement and Prepackaged Plan of Reorganization

Recently, Global Brokerage and its affiliate, Global Brokerage Holdings, LLC ("Global Brokerage Holdings"), have been engaged in a series of highly productive negotiations with an ad hoc group (the "Ad Hoc Group") of holders of more than 68.5% of Global Brokerage's 2.25% Convertible Notes due 2018 (the "Current Notes"). These negotiations, aimed at restructuring the terms of the Current Notes, have also included participation from FXCM Group, LLC ("FXCM Group" or "FXCM") and Leucadia National Corporation and LUK-FX Holdings, LLC (together, "Leucadia"). 

Global Brokerage is very pleased to announce that, as a result of those negotiations, Global Brokerage, Global Brokerage Holdings, FXCM Group, Leucadia and the Ad Hoc Group have entered into a restructuring support agreement (the "RSA") to restructure the obligations of Global Brokerage and Global Brokerage Holdings pursuant to a prepackaged plan of reorganization (the "Plan") to be filed under Chapter 11 of the United States 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.