NEW YORK–(BUSINESS WIRE)–Lehman Brothers Holdings Inc. (“LBHI”), as Plan Administrator, announced today in a court filing the percentage recovery that will be distributed on June 16, 2016 to holders of allowed claims against LBHI and its various affiliated Debtors (collectively, “Lehman”).
Lehman’s aggregate tenth distribution to unsecured creditors pursuant to its confirmed chapter 11 plan will total approximately $2.8 billion. This distribution includes (1) $2.0 billion of payments on account of third-party claims, which includes non-controlled affiliate claims, and (2) $0.8 billion of payments among the Lehman Debtors and their controlled affiliates (see Exhibit B to the court filing, Docket # 52991, for further detail). Cumulatively through the tenth distribution, Lehman’s total distributions to unsecured creditors will amount to approximately $109.8 billion including (1) $80.5 billion of payments on account of third-party claims, which includes non-controlled affiliate claims and (2) $29.3 billion of payments among the Lehman Debtors and their controlled affiliates.
The interim timing of this distribution was approved by the U.S. Bankruptcy Court for the Southern District of New York on May 26, 2016 (Docket #52950), pursuant to a motion filed on May 11, 2016 (Docket #52752), which sought to advance the tenth distribution date in order to mitigate the negative timing consequences of a delay in the effective date of a substantial settlement with JPMorgan Chase Bank, N.A. This delay was caused by an objection and a related appeal filed by a pro se litigant. The tenth distribution includes $1.496 billion of plan distributions related to the JPMorgan settlement.
In accordance with the chapter 11 plan, which was confirmed on December 6, 2011, and subject to available funds, the Lehman Debtors’ eleventh distribution to creditors is anticipated to be made within 5 business days of September 30, 2016.
The chapter 11 plan, related disclosure statement and other filings, including the filing referred to above, can be found at www.lehman-docket.com in the “Key Documents” section. Questions relating to the distribution can be directed to the Debtors’ claims agent, Epiq Systems, Inc., at 1-866-879-0688 (U.S.) and 1-503-597-7691 (Non-U.S.).
Lehman Brothers Holdings – Contacts
Media:
Lehman Brothers Holdings Inc.
Kimberly Macleod, 646-285-9215
[email protected]
