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.  Lehman’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.  The 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.

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.