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LEHMAN Brothers Holdings emerged from its
record $639bn 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
September 15 2008, when Lehman collapsed and rocked the foundations of the global
financial markets, catalysing the Great Recession.
Exactly 1 268 days later, the case’s end enables Lehman to start
distributing $65bn or so to creditors who had asserted more than $300bn 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.
