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April 28, 2011

Bondholder group files new Lehman repayment plan

" *Three competing plans to go before bankruptcy judge

Bondholders fighting for control of Lehman Brothers Holdings Inc's (LEHMQ.PK) repayment plan have amended a proposal for the company's restructuring that would provide them a slightly higher recovery.

The bondholder group, led by hedge fund Paulson & Co and the California Public Employees Retirement System, filed the plan late on Wednesday in U.S. Bankruptcy Court in Manhattan.

The updated filing, which would allow 25.4 percent recovery for unsecured creditors, follows an initial proposal in December that called for recoupment of about 24.5 percent."

Read more here.

April 28, 2011 in Current Affairs | Permalink

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