NEW YORK (Bloomberg) ? VR Global Partners LP, which is owed more than $700 million by Refco Capital Markets Ltd., asked a US judge to delay deciding whether to liquidate the company so negotiations on a plan to repay all customers can proceed.

Customers owed about $500 million, including Inter Financial Services Ltd. and Capital Management Select Fund Ltd., have asked US Bankruptcy Judge Robert Drain to order immediate liquidation of the Refco Inc. unit.

Creditors owed more than $1 billion oppose the request. Drain is scheduled to consider the matter on February 14.

VR Global said Drain should give Refco?s unsecured creditors committee more time to formulate a plan to end the unit?s bankruptcy case and repay debt before deciding on liquidation. The creditor panel, of which VR Global is a member, on February 4 released an outline for a plan to repay creditors with cash or allow them to continue investing with Refco Capital Markets.

?The interests of RCM creditors will be well served by deferring, for a brief period, consideration of the motion,? Fred Hodara, a lawyer representing VR Global, said in papers filed with the US Bankruptcy Court in New York. ?Significant delay and expense will be avoided if a plan settlement can be promptly achieved.?

Investment bank Abadi & Co. has also proposed a plan to end the company?s case without a court-ordered liquidation.

Under that proposal, Abadi, private equity firm Greylock Capital and Dresdner Kleinwort Wasserstein Securities LLC would buy the unit and allow customers to recover 23 cents to 65 cents on the dollar.

Refco Capital Markets owes customers $4.2 billion. The unit in December valued its assets at $5.95 billion, including $3.13 billion owed by 29 affiliates, including Refco (Singapore) PTE Ltd., Refco Global Finance Ltd. and Refco Group Ltd.

Several creditors, including Bank of America Corp. and Leuthold Funds Inc., oppose liquidation.

Inter Financial and the customer group today asked Drain for permission to file papers under seal concerning matters they intend to bring up at the hearing.

The papers ?contain information that has been designated highly confidential,? Thomas Moloney, a lawyer representing the group, said in court papers.

Refco spokesman James Craig had no immediate comment.