The administration team of Lehman Brothers European arm have sealed a $1bn
(£610m) asset swap with their Japanese counterparts.
Following months of negotiation between the PricewaterhouseCoopers team
handling Lehman Brothers International Europe and Lehman Brothers Japan Inc, an
exchange of custody assets has taken place between the two parties.
Approximately $1bn of assets were passed by LBIE to LBJ and $1bn from LBJ to
LBIE. The exchange was completed on 11 December following intensive discussions.
“The exchange of assets represents a significant step forward for the joint
administrators of LBIE, as client assets returned by LBJ will now be made
available for distribution under the Claims Resolution Agreement between LBIE
and claimants to Trust assets,” PwC said today.
A Bar Date Order for claims to Trust Assets was made by the High Court of
England and Wales on 15 December and was set as 19 March 2010.
Steven Pearson, joint administrator and Partner at PricewaterhouseCoopers
“This is a significant result for the estates and clients of both entities
and demonstrates the clear benefits of open and constructive dialogue between
the former Lehman Group companies.
“We are keen to progress our ongoing negotiations with other affiliates
around the world to preserve value for all the Lehman estates and to benefit
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children