Lehman Brothers confirmation scheduled
The U.S. Bankruptcy Court approved Lehman Brothers Holdings' Disclosure Statement related to its Chapter 11 Plan. According to documents filed with the Court, the Debtors convened meetings and participated in negotiations with numerous representative creditors during June 2011 in order to pursue a global settlement of the existing issues. As a result of these meetings and negotiations, the Debtors and the representative groups of creditors, including substantially all of the proponents of the two alternative Plans, agreed to the terms of this Plan. The Plan includes economic resolutions for a number of issues, including (i) the potential substantive consolidation of the Debtors and certain of their affiliates; (ii) the characterization of intercompany balances owed to LBHI by subsidiary Debtors; (iii) the allowed amount of certain affiliate claims; (iv) the ownership and rights of various Debtors and their affiliates with respect to certain assets; and (v) the allocation of costs and expenses among Debtors. The Court scheduled aDecember 6, 2011 hearing to consider confirming the Plan. |