Lehman Brothers Holdings
Lehman may be near resolution of bankruptcyPosted by RJ and Makay on Oct 28, 2011 |
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Lehman Brothers Holdings Inc. announced yesterday that its reorganization plan has the backing of creditors who hold $160 billion of claims, and believes it has gained sufficient support to resolve its bankruptcy. The firm, which filed the biggest bankruptcy in U.S. history in 2008, has locked up nine new major settlement agreements toward resolving creditor claims, according to a recent court filing.
Lehman Brothers Holdings Inc. unveiled a settlement Wednesday with major financial creditors, reaching an agreement with Bank of America Corp. and Merrill Lynch that will reduce bank claims against Lehman by $7.5 billion. The settlement includes a pledge from the banks to support Lehman’s $65 billion bankruptcy exit plan, according to court papers filed late Wednesday in U.S. Bankruptcy Court in Manhattan.
