Breaking News Bar
updated: 7/1/2011 7:35 AM

Lehman plan receives support from major creditors

Success - Article sent! close

NEW YORK -- 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. Alternative plans will be put on hold while Lehman moves its proposal forward.

Order Reprint Print Article
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

The plan still must be approved by a majority of creditors and the federal bankruptcy court.

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 $9.6 billion in derivative claims and corresponding guarantee claims for $6.2 billion.

Share this page