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Charlotte Bankruptcy Lawyer Reports, bankruptcy estate of Lehman Brothers proposed an reorganization

The bankruptcy estate of Lehman Brothers on Monday proposed an initial reorganization plan that would lift the remains of the investment bank out of Chapter 11. Lehman’s plan involves the creation of LAMCO,would serve as asset management adviser.NC

 
PRLog - Mar. 15, 2010 - The bankruptcy estate of Lehman Brothers on Monday proposed an initial reorganization plan that would lift the remains of the investment bank out of Chapter 11.

Lehman’s plan involves the creation of LAMCO, a subsidiary that would serve as an asset-management adviser for the estate. It would oversee the commercial real estate, residential mortgages, private equity and other remaining assets and sell them off to generate proceeds for Lehman creditors.

The initial proposal, which is currently lacking many details, marks the beginning of the Lehman estate’s efforts to end the largest bankruptcy in American history.

Lehman said in the filing that the creation of LAMCO would help provide long-term employment for the employees that are currently overseeing the disposition of the estate’s assets.

So far, Lehman hasn’t had detailed discussions with creditors over its proposal, though the firm said that it would like to reach a consensual reorganization plan. The estate said it is seeking to create a streamlined process for addressing creditor claims and avoiding a string of expensive and prolonged litigation.

“We conducted a thorough and thoughtful due diligence process before formulating the proposed Plan and have weighed all options,” Bryan Marsal, Lehman’s chief executive and chief restructuring officer, said in a statement. “We firmly believe that the proposed Plan represents a fair economic resolution for all Lehman creditors and will accelerate recoveries to creditors.”

Lehman made its proposal only days after a court-appointed examiner unveiled a lengthy autopsy of the firm’s final days, uncovering what the report describes as potentially strong claims against a variety of parties, from former executives to the accounting firm Ernst & Young.

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Source:Charlotte Bankruptcy Lawyer
Phone:704-905-8275
Zip:28277
City/Town:Charlotte - North Carolina - United States
Industry:Banking, Legal, Business
Tags:charlotte, nc, lawyer, reports, bankruptcy, estate, lehman, brothers, chapter, reorganization, lamco, asset, management, adviser, 11
Shortcut:prlog.org/10576771
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