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Wednesday, Jan. 26, 2011
Lehman offers debtors more money in amended filing
NEW YORK -- Lehman Brothers is offering bondholders more money in a revised plan to exit bankruptcy.
The investment bank, which filed for bankruptcy during the height of the financial crisis, has been in a tug of war over how much it owes its creditors. Lehman offered the revised plan in a filing late Tuesday with the U.S. bankruptcy court in New York.
In the new plan, Lehman Brothers Holdings Inc. proposed to increase its payments to bondholders to 21.4 cents on the dollar, up from 17.4 cents, which it had offered in a previous plan filed in March. Bondholders, who make up $83 billion of total claims, are its largest creditors.
Shareholders of Washington Mutual Inc. filed court papers Wednesday challenging a Delaware bankruptcy judge's ruling that a proposed legal settlement underlying the company's reorganization plan is fair and reasonable.
Telecommunications company FairPoint Communications Inc. emerged from bankruptcy reorganization Monday, nearly 15 months after filing for Chapter 11 with a crushing debt load and a battered financial sheet.
Telecommunications company FairPoint Communications Inc. emerged from bankruptcy reorganization Monday, nearly 15 months after filing for Chapter 11 with a crushing debt load and a battered financial sheet.
Attorneys for creditors who oppose Tribune Co.'s reorganization plan are seeking more information related to the proposed settlement of legal claims arising from the 2007 leveraged buyout that left the media conglomerate saddled with debt.
"The value of our assets has gone up," John Suckow, president and chief operating officer of Lehman Brothers, said in an interview. Lehman also changed how much other kinds of creditors would receive.
In the new plan, those creditors would receive between 11.2 cents and 19.8 cents on the dollar depending on the seniority of their claims. The March plan had proposed that these creditors would receive a flat amount of 14.7 cents on the dollar.
Lehman was the largest bankruptcy in U.S. history when it filed for Chapter 11 in September 2008 and listed $613 billion in debts.
The plan is supported by a committee of unsecured creditors, but will have to be approved by other creditors too. Suckow said he expects to file a disclosure statement by summer before creditors vote on the proposal.
Read more: www.thesunnews.com/2011/01/26/1944270/...ey.html#ixzz1CDYm3AXH
Quelle aufgetan von pjöngjang: www.thesunnews.com/2011/01/26/1944270/...ey.html#ixzz1CB1BqKbH
THEGOTCHI
Optimismus ist, bei Gewitter auf dem höchsten Berg
in einer Kupferrüstung zu stehen und »Scheiß Götter!« zu rufen.
(Terry Pratchett)
www.my.calendars.net/lehman