Lehman Brothers Plan to Exit Bankruptcy with Revised Plan


Defunct investment bank, Lehman Brothers recently submitted a revised plan to exit bankruptcy after several creditors declined to support their initial plan. Under the revised plan, there will be more money offered to bondholders.

The bank intends to raise some $60 billion for creditors by selling their assets over the next few years and reducing allowable claims by $322 billion. With this move, the average creditor will receive 18.6 cents for every dollar claimed. This is more than the 14.7 cents under the initial plan which was shown in March and April 2010 when values for Lehman assets were not as high as presently.

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