Lehman Likes the Way Its Bankruptcy Is Going

Mike Taylor — Thu, 23 Sep 2010 14:57:56 -0400

Lehman Brothers Holdings, the most bankrupt U.S. firm ever, is saying amid assorted international lawsuits and proposed settlements that its restructuring efforts are going very well, all things considered. In fact, the company expects to get its reorganization plan confirmed sometime in the first quarter of 2011.

The company said that it has reduced the dollar amount of creditors' claims to $464 billion from $1.2 trillion, but that claims by big banks would be harder to resolve. Also on the bad-news side: Lehman plans to lay off 6 percent of staff by April.

Once out of bankruptcy, Lehman would rechristen itself "Lamco," and the resulting firm would handle Lehman's old commercial real-estate portfolio, among other things.

mtaylor@observer.com

Twitter: @mbrookstaylor

Observer » Lehman Likes the Way Its Bankruptcy Is Going

Lehman Likes the Way Its Bankruptcy Is Going