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.
City A.M. Reporter