Lehman Bros. creates new plan to exit bankruptcy

A recent plan submitted by Lehman Brothers Holdings Inc. is garnering greater support than their previous bankruptcy exiting plan.  The revised reorganization plan proposes giving creditors 21.1 cents to the dollar as opposed to the 21.4 cents proposed in the previous plan.

The new plan is believed to give less to bondholders and more to banks and hedge funds.  Lehman has approximately $325 billion in claims from creditors and has acquired around $65 billion in assets since their bankruptcy filing.

Lehman Brothers filed for bankruptcy in September 2008.  The filing is the largest bankruptcy filing in the history of the United States.

If you or someone you know is considering filing for bankruptcy protection, contact the Birmingham personal bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to discuss your situation with an experienced and compassionate bankruptcy attorney.

Paula GreenwayPaula Greenway

Paula Greenway is a native of Birmingham and has focused her practice on consumer bankruptcy since 1996. She is licensed to practice law in all jurisdictions throughout the State of Alabama. Paula has handled over 5,000 bankruptcy cases ranging in complexity throughout her career and prides herself on being able to come up with creative solutions to her clients’ financial issues.