Lehmans administrators lay down $11bn gauntlet
PwC look to return a further $11bn of assets to their rightful owners.
The joint administrators of Lehman Brothers European arm have floated an
asset recovery plan in the hopes of returning $11bn (£6.6bn) to creditors.
The PricewaterhouseCoopers team will greenlight the plan if 90% of creditors
support it.
“The proposal, formally called the ‘Claim Resolution Agreement’, was sent to
affected clients on 24 November and provides that clients will get their Trust
Assets returned and positions closed out without the need to either post further
collateral or to indemnify LBIE,” PwC said.
Steven Pearson, joint administrator said: “This agreement has been negotiated
over the last 6 months and will now allow us to return a further $11bn or so of
Trust Assets to their rightful owners.
“The Administrators have worked closely with the creditors’ committee in
developing the Claim Resolution Agreement and have the unanimous support of the
creditors’ committee. To benefit from these arrangements it is essential that
affected clients take the time to understand the proposals and positively
confirm their support.”