BusinessBusiness RecoveryLehman divisions swap $1bn of assets

Lehman divisions swap $1bn of assets

$1bn of assets exchanged between Lehman Brothers European arm and Lehman Brothers Japan, PwC reveals

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
LLP, said:

“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
clients.”

Related Articles

PwC must face MF Global lawsuit over accounting advice

Accounting Firms PwC must face MF Global lawsuit over accounting advice

1y Richard Crump, Writer
PwC’s business recovery services team appoints four new partners

Accounting Firms PwC’s business recovery services team appoints four new partners

1y Richard Crump, Writer
MPs call on FRC to widen BHS audit probe into PwC

Accounting Firms MPs call on FRC to widen BHS audit probe into PwC

1y Richard Crump, Writer
FRC investigation launched into PwC's BHS audit

Audit FRC investigation launched into PwC's BHS audit

1y Kevin Reed, Writer
UK votes to leave EU – accountancy profession reacts

Accounting Firms UK votes to leave EU – accountancy profession reacts

1y Fraser Simpson, Reporter
Take part in our 'Seven days in Accountancy' quiz

Accounting Firms Take part in our 'Seven days in Accountancy' quiz

2y Fraser Simpson, Reporter
New consortium enters fray to buy BHS empire

Accounting Firms New consortium enters fray to buy BHS empire

2y Chris Warmoll, Writer
PwC questioned over BHS ‘going concern’ audit

Accounting Firms PwC questioned over BHS ‘going concern’ audit

2y Chris Warmoll, Writer