New plan to divvy
Source: Agencies |
January 27, 2011, Thursday
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Print Edition
Print Edition
BANKRUPT financial company Lehman Brothers Holdings Inc proposed a new plan for divvying up billions of dollars among its creditors after bondholders said the previous version was unfair.
The plan filed on late Tuesday, key to Lehman's exit from the largest bankruptcy in United States history, came after an earlier version filed in April met strong opposition from hedge fund Paulson & Co, the California Public Employees Retirement System (Calpers) and other bondholders.
Lehman's amended plan proposed trimming payments to unsecured creditors of the derivative unit, Lehman Brother Special Financing. It also proposed increasing payments to the senior unsecured creditors of the holding company.
The plan filed on late Tuesday, key to Lehman's exit from the largest bankruptcy in United States history, came after an earlier version filed in April met strong opposition from hedge fund Paulson & Co, the California Public Employees Retirement System (Calpers) and other bondholders.
Lehman's amended plan proposed trimming payments to unsecured creditors of the derivative unit, Lehman Brother Special Financing. It also proposed increasing payments to the senior unsecured creditors of the holding company.
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