Lehman unveils creditor offer

BANKRUPT financial company Lehman Brothers Holdings proposed a new plan for dividing up billions of dollars among its creditors and offered a bigger payment to bondholders, provided they sign on.

The plan, key to Lehman’s exit from the largest bankruptcy in US history, comes after an earlier version filed in April met strong opposition from hedge fund Paulson & Co and other bondholders.

Senior unsecured creditors, including bondholders, could get back more than 21 per cent of their claims if they vote for the new scheme.