Arab Today, arab today lehman exits bankruptcy to repay debt
Last Updated : GMT 05:43:47
Arab Today, arab today
Arab Today, arab today

Lehman exits bankruptcy to repay debt

Arab Today, arab today

Arab Today, arab today Lehman exits bankruptcy to repay debt

New York - AFP

The debtors of Lehman Brothers, whose stunning collapse in 2008 sparked global financial panic, emerged from a record bankruptcy Tuesday in a step toward the final chapter for the once-powerful Wall Street investment bank. The liquidators running Lehman Brothers Holdings said it had exited Chapter 11 bankruptcy protection and would begin repaying creditors, whose claims total about $450 billion. \"We are proud to announce Lehman\'s exit from Chapter 11 and entrance into the final stage of this process -- distributions to creditors,\" said John Suckow, Lehman\'s president and chief operating officer and also managing director of Lehman\'s restructuring advisor Alvarez & Marsal. \"Our objective remains to provide the best results possible for creditors -- by continuing to strategically position assets to produce strong values, to pursue the resolution of disputed claims and other matters in litigation, and to manage expenses in line with the asset disposition process,\" he said in a statement. Lehman said payments to creditors were to begin on April 17 as it heads toward a \"complete liquidation\" of remaining assets. In December, a US bankruptcy court judge approved plans to end Lehman\'s Chapter 11 bankruptcy protection and move it toward liquidation. Its full dissolution depends on settling creditors\' claims worth around $450 billion. Lehman, the poster child of the global financial meltdown, declared bankruptcy on September 15, 2008, after its risky bets on the US housing market turned sour. The officials managing the bankruptcy have called it \"the largest and most complex in history,\" involving 7,000 legal entities in 40 countries, and 75 distinct court proceedings. Creditors continue to battle over how the payouts are made. In mid-February, Lehman\'s creditors asked a federal court to force US Treasury Secretary Timothy Geithner to testify in a civil suit against JPMorgan\'s role in the bankruptcy. The creditors accuse JPMorgan chief Jamie Dimon and other executives of using inside information from the government and the New York Federal Reserve, then headed by Geithner, to squeeze cash out of Lehman to their bank\'s advantage in the final week before it collapsed. The Wall Street bank is now Lehman\'s single largest creditor and insists it should be repaid before any other creditor, according to the court documents.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lehman exits bankruptcy to repay debt Arab Today, arab today lehman exits bankruptcy to repay debt

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today lehman exits bankruptcy to repay debt Arab Today, arab today lehman exits bankruptcy to repay debt

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Fighters celebrate Raqa victory

GMT 06:07 2017 Wednesday ,18 October

Fighters celebrate Raqa victory
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Dalal Abdel Aziz happy for “Seventh Neighbor”

GMT 09:31 2017 Monday ,16 October

Dalal Abdel Aziz happy for “Seventh Neighbor”
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 23:42 2017 Monday ,16 October

Better Marriages Make

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday