×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Lehman Bros | Bankruptcy

Lehman Bankruptcy Plan Receives Support From Major Creditors

Friday, 01 July 2011 09:54 AM

Lehman Brothers is getting broader support for its new bankruptcy plan.

The investment bank, which filed for bankruptcy at the height of the financial crisis in 2008, said Friday that creditors holding claims of $100 billion have approved its payment plan.

The plan will give creditors a "fair and reasonable" outcome, Lehman CEO Bryan Marsal said. If approved, creditors "will avoid the costly, uncertain and protracted litigation that would undoubtedly follow in the absence of this compromise solution."

Lehman says it has about $65 billion to settle $325 billion in claims.

Lehman was the largest bankruptcy in U.S. history when it filed for Chapter 11 in September 2008 and listed $613 billion in debts.

The new plan must still be approved by a majority of creditors and the federal bankruptcy court. Alternative plans will be put on hold while Lehman moves its proposal forward.

Lehman Brothers Holdings Inc. also said that it has settled derivative claims with seven of the 13 largest banks. Lehman expects settle an additional claim "shortly," resolving a total $9.6 billion in derivative claims for $6.2 billion.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
Lehman Brothers is getting broader support for its new bankruptcy plan.The investment bank, which filed for bankruptcy at the height of the financial crisis in 2008, said Friday that creditors holding claims of $100 billion have approved its payment plan.The plan will give...
Lehman Bros,Bankruptcy
181
2011-54-01
Friday, 01 July 2011 09:54 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved