NEW YORK (Bloomberg) ? Refco Inc., the futures trader that went bankrupt after its top executive was accused of fraud, can hold a creditors' vote on a plan to exit bankruptcy this year.

US Bankruptcy Judge Robert Drain in New York authorised the vote after concluding at a hearing yesterday that the plan included enough information on repayment to creditors. Drain in December will consider approval of the plan, which would keep Refco on schedule to end its bankruptcy case and begin paying creditors this year. The company ultimately will go out of business.

Refco's plan calls for repaying creditors more than $3.7 billion, 22 percent of the $16.8 billion they were owed at the time of its October, 2005 bankruptcy filing, plus a share of any proceeds from lawsuits brought on behalf of the company and its affiliates against third parties, court papers say.

"We have here a plan that's been negotiated between and supported by a majority of stakeholders in these cases," Refco lawyer J. Gregory St. Clair said at the hearing. "The proponents believe this disclosure statement gives creditors more than sufficient information to be able to vote."

Holders of Refco's $390 million 9 percent bonds maturing in 2012 will receive 83.42 cents on the dollar, under the plan. The notes were unchanged at 81.7 cents on the dollar, according to Trace, the bond-price reporting system of the NASD.

Secured creditors owed $642 million will be fully repaid with interest. Unsecured creditors will share $554 million, according to court documents.

Customers of Refco Capital Markets Ltd. will share $1.9 billion for $2.7 billion in claims. Unsecured creditors of the bankrupt affiliate will be paid about $231 million for $890 million in claims.

Drain previously approved both the payments to Refco Capital customers and creditors and to parent Refco's secured creditors. He must approve the plan before those agreements can become effective.

Shareholders, unsecured creditors and other stakeholders will share any proceeds from Refco lawsuits against third parties.

Refco filed the 15th-biggest bankruptcy in US history on October 17, 2005, a week after disclosing that former chief executive officer Phillip Bennett concealed $430 million in debt. Bennett pleaded not guilty to federal fraud charges in November and is awaiting trial.