Court Approves Lehman Brothers’ Exit Plan
August 30, 2011 by UPI - United Press International, Inc.
NEW YORK, Aug. 30 (UPI) — A bankruptcy court judge in New York praised attorneys involved and approved a plan to return $65 billion to Lehman Brothers’ creditors.
There are 110,000 creditors involved in the Lehman Brothers case. They will have 60 days to vote on the plan that Judge James Peck said included work by attorneys that “borders on miraculous,” The New York Times reported Tuesday.
The case involves one of the largest New York investment banks, Lehman Brothers, that collapsed in September 2008. Its bankruptcy was a significant catalyst in the financial crisis with Lehman Brothers becoming an instant symbol of the financial fiasco that shook the largest banks in Europe and the United States.
Lehman Brothers said it plans to make payments to creditors early in 2012 if the plan is approved.