UK lender MFS collapses, affecting Barclays and other Wall Street firms

Market Financial Solutions Ltd. (also known as MFS) entered a type of bankruptcy procedure in the UK on Wednesday. The judge presiding over the case mentioned allegations of fraud and repeated asset pledging against the company. Bloomberg, citing sources familiar with the matter, reported that Barclays and Atlas, the structured credit division under Apollo Global Management, each provided loans amounting to several hundred millions of dollars, while Santander and Castlelake LP were also among the lenders. Expand