Lehman emerges from bankruptcy
NEW YORK: Lehman Brothers Holdings Inc emerged from its record $639 billion bankruptcy on Tuesday and said it will start paying back creditors on April 17.
The move puts an end to the bankruptcy proceeding that began on Sept. 15, 2008, when Lehman collapsed and rocked the foundations of the global financial markets, catalyzing the Great Recession.
Exactly 1,268 days later, the case's end enables Lehman to start distributing $65 billion or so to creditors who had asserted more than $300 billion in claims.
Bankruptcy Judge James Peck approved Lehman's creditor payback plan in December. Since then, the company has tied up loose ends: selling assets, litigating claims and settling disputes with affiliates and counterparties.
The company will continue to liquidate its holdings under a new board of directors, Lehman said in a statement.
COPYRIGHT REUTERS, 2012
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