Lehman sets claims plan

LEHMAN Brothers plans to hand creditors between 15 and 27 per cent of their £1 trillion claims as part of the stricken bank’s proposal to exit bankruptcy.

The plan is part of a US court disclosure statement filed earlier this week and gave insight into how the bank would attempt to end its bankruptcy.

The document said it would pay general unsecured creditors of the Lehman’s parents company only 14.7 per cent of their claims, while Lehman Brothers Financing Unit is expected to recover 24 per cent.

The news comes as administrator, PricewaterhouseCoopers (PwC), said it had already recovered $48.6bn (£31.3bn) in securities and cash and has distributed $17.2bn in assets to date.

PwC’s third progress report on the Lehman administration shows it has already billed creditors £210m in fees.