Lehman Brothers Holdings to hand out $14bn to its creditors
28 March 2013 3:33am
LEHMAN Brothers Holdings said yesterday it plans to distribute about $14.2bn (£9.4bn) to creditors early next month, as the company winds down following its emergence last year from bankruptcy protection.
The distribution, to be made on 4 April, will be Lehman’s third since it emerged from Chapter 11 protection in March 2012.
Lehman said the payout will increase total distributions to about $47.2bn (£31.3bn), with two-thirds going to third parties.
The company has said it hopes to distribute more than $65bn, on average about 21 cents on the dollar for allowed claims.
The company’s wind-down is expected to take several years. Lehman is still litigating against JP Morgan Chase, once its main clearing bank, and others to maximise potential payouts to creditors.
In other news
Network Rail engineers have destroyed the Abbey Wood station as part of the Crossrail development that is expected [Read more]
The Championship looks set to once again be named the fourth most-watched league in Europe, following a seven [Read more]
The Costa Coffee owner said Brittain was "the standout candidate from a very strong field". [Read more]
Sugary foods may be taxed to cover the costs of treating obesity, a government minister has said.
European governments must increase efforts to adopt structural reform if “lasting stability and prosperity” [Read more]
Accounting, finance and economics - choose to study any of these subjects anywhere and you'll be likely to land [Read more]
Badly-behaved bosses are a nightmare if you're the unfortunate employee who has to work for them - but they're [Read more]
Last night hundreds of people in Kent were woken by a 4.2 magnitude earthquake, which occurred just before 3am. [Read more]
Are the UK's new crop of MPs actually any good at social media? [Read more]
The retail industry is in a state of flux. Consumers and technology are driving fundamental changes. And now, [Read more]
Newly re-elected Prime minister David Cameron will hold his first talks with European Union leaders today, as [Read more]
The Conservatives came to power on the back of an improving economy and with the promise of more improvement to [Read more]
Cert 12a | ★☆☆☆☆ [Read more]
Cert PG | ★★☆☆☆
Old Vic | ★★★★☆ [Read more]
Individual train operators say services are back on track as Network Rail blasts "deplorable" strike threat. [Read more]
Hewlett Packard (HP) announced disappointing earnings this afternoon, with revenues missing analysts expectations. [Read more]
In pictures: National waiters day kicks off with race around Hyde Park. [Read more]