PWC ADMINISTRATORS of Lehman Brothers International Europe have managed to secure a further $2.5bn (£1.3bn) following a settlement with Citigroup.
When it collapsed in 2008, Lehman Brothers International Europe (LBIE) became the largest bankruptcy filing in US history.
PwC administrators have now managed to claw back more than £30bn for creditors.
The latest deal is over assets held by Citigroup’s custody business and will see the bank immediately begin transferring assets to LBIE.
Paul Copley, PwC restructuring partner who led the settlement said: “This is by far the largest single deal we have undertaken and easily the most complex to negotiate and then structure, given the sheer scale of the legacy relationship between Citigroup and LBIE.”
After the collapse of Lehman Brothers, Citigroup held onto assets while it assessed exposure to the European arm of the administration.
As part of the deal, both Citi and the administrators will release each other from all other claims and liabilities.
Pixel Projects Limited (Pixel) has been sold by SFP, which has saved the positions of all 34 employees
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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