Lehman Brothers Holdings Inc. recently submitted a new plan to pay back creditors. The new plan has garnered greater support than the previous one and is expected to set the investment bank on their path to exiting bankruptcy.
Lehman Brothers filed for bankruptcy in in September of 2008 with the largest bankruptcy filing in the nation’s history. Lehman’s creditors have around $322 billion in allowed claims.
The plan suggests that creditors receive 21.1 cents for every dollar compared to 24.1 cents in the previous plan. The revised plan has said to be an “agreement in principle” between the banking company and its creditors. A hearing reviewing the plan is scheduled for July 20th.
If you or someone you know has questions about filing for bankruptcy, contact the Milwaukee personal bankruptcy lawyers of DeLadurantey Law Office, LLC at 414-377-0518 to learn more today.