Lehman administrators bid to end court action
PwC wants to provide more certainty over release of assets
The administrators behind Lehman Brothers Holdings will propose a plan to
hand assets directly to creditors, in return for them ending UK court actions.
PricewaterhouseCoopers will put forward a proposal aimed at clearing the road
for creditors to receive assets directly instead of persuing their claims
through courts, The Wall Street Journal reports.
Steven Pearson, joint administrator of Lehman Brothers International (Europe)
and a partner at PricewaterhouseCoopers, is aiming for of 90% of creditors
support for the plan.
Creditors would have to agree in writing to be bound by the plan. If enough
sign on, a time frame could then be placed on the release of assets.
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Lehman
creditors to get payout plan