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Lehman administrator set to give creditors $11bn in assets

LEHMAN Brothers&rsquo; administrator has issued a proposal to return $11bn (&pound;6.6bn) in assets to creditors.<br /><br />PricewaterhouseCoopers (PwC) &ndash; administrator for Lehman Brothers International Europe &ndash; made the move after an earlier plan was rejected by a London court. <br /><br />The assets would be returned to creditors in the company&rsquo;s international arm rather than its US operation, under the latest plan.<br /><br />PwC said Lehman Brothers International had about $35bn in hedge fund assets frozen when it failed and that $13.3bn has been returned. The proposed &ldquo;Claim Resolution Agreement&rdquo; will be implemented if 90 per cent or more of the affected clients support it.<br /><br />Joint administrator Stephen Pearson at PwC urged clients to vote in favour of the proposals so that the affected hedge funds will be able to reimburse their investors.<br /><br />He said: &ldquo;If this proposal fails it is likely that it could take years to ultimately return all client assets.&nbsp;I am appealing to all affected clients to give their support to these proposals.&rdquo;<br /><br />Clients will have until 29 December to vote and PwC hopes to start returning assets by around the end of March.