Lehman Brothers has plan to exit bankruptcy

This week, Lehman Brothers Holdings Inc. announced that their plan to exit bankruptcy has the approval of their creditors. ┬áLehman’s creditors hold about $160 billion of the investment bank’s debt.

The bank has 9 new settlements that they believe will provide enough approval from debt holders to end their bankruptcy in the near future.

Creditors have until November 4 to vote on Lehman’s bankruptcy exit plan. ┬áThe exit plan would pay back all creditors a total of $65 billion out of $320 billion in allowed claims.

The next hearing in the case will be held December 6.

To learn more about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy attorneys of GREENWAY BANKRUPTCY LAW, LLC by calling (205) 324-4000 today.

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