Arab Today, arab today lehman inches closer to deal with creditors
Last Updated : GMT 11:42:17
Arab Today, arab today
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Lehman inches closer to deal with creditors

Arab Today, arab today

Arab Today, arab today Lehman inches closer to deal with creditors

New York - AFP

Lehman Brothers Holdings Inc. has filed a revised bankruptcy plan that could allow what is left of the failed investment banking giant to repay some $65 billion to its creditors. In a lengthy filing with the US Bankruptcy Court in Manhattan, Lehman said it had reached an \"agreement in principle\" with groups of major creditors, which it did not name. A source close to the matter told AFP that the agreement, which is still subject to modification, will be examined by the court during a hearing in late August, with hopes creditors will vote on the plan by the end of the year. At stake is the distribution of $65 billion among creditors demanding a total of $325 billion. According to the latest bankruptcy plan -- Lehman\'s third version -- holders of bonds of Lehman\'s parent company would receive 21.1 percent of the $81 billion of debt they currently hold. While that\'s less than the 21.4 percent they had hoped to recoup, it\'s more than the 17.4 percent seen in a previous plan. Some creditors of the bank\'s derivatives business will receive 39 cents on the dollar. Lehman\'s September 2008 collapse marked the largest bankruptcy in history, triggering a financial shockwave that dragged the global economy into recession.

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