| Log in

Lehman Asks For Bankruptcy Extension

01 January, 2009

Lehman Brothers Holdings Inc. has asked a U.S. bankruptcy court for a six-month extension to file its Chapter 11 bankruptcy plan.

Lehman’s initial 120-day exclusivity period will run out on Jan. 13, and if the court does not grant the request, creditors or other parties could propose competing plans, Reuters reports.

According to court documents filed late on Dec. 29, Lehman said an extension is “absolutely necessary” because neither the company nor any other party of interest in the case could come up with a plan and build consensus among the company’s vast creditors in just 120 days.

The firm also said its employees must recover and review 2,000 terabytes of data that would completely fill 20,000 computers to the maximum, and that it faces challenges relating to at least 76 foreign insolvency proceedings that have been initiated in over 15 countries since it filed for bankruptcy protection.

 

A court hearing on the request is set for Jan. 14.

 


Leave Your Comment
What Is In Store For Lehman In India?

What Is In Store For Lehman In India?

TEAM VCC 9 years ago
Global investment bank Lehman Brothers has filed for bankruptcy under chapter.&...
Barclays Still In Race To Acquire Lehman's Agency Business

Barclays Still In Race To Acquire Lehman’s Agency Business

Madhav A Chanchani 9 years ago
The situation may not be so bad for Lehman Brothers as some suitors...
How $5 bn debt demolished Toys ‘R’ Us and bled marquee PE owners Bain, KKR

How $5 bn debt demolished Toys ‘R’ Us and bled marquee PE owners Bain, KKR

Reuters 2 days ago
Toys “R” Us Inc has been making $400 million in interest payments on its...
No Comments

Lehman Asks For Bankruptcy Extension

Powered by WordPress.com VIP