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2:52 PM LBS Trustee Considers Possible Wind Down of Bankruptcy Estate |
ME NewsWire/Business Wire
CURACAO, Dutch Caribbean - Friday, November 7th 2014
Lehman Brothers Securities N.V. (“LBS”) today announced that Michiel Gorsira (the “LBS Trustee”), in his capacity as bankruptcy trustee (curator), is considering winding down the LBS estate and making a final distribution to creditors in the first quarter of 2015. The wind down process, which will require approval from the supervisory judge overseeing LBS’s bankruptcy proceedings, would be expected to include a combination of an in kind distribution of at least 85% of LBS’s intercompany claims against Lehman Brothers Holdings Inc. and Lehman Brothers International Europe, and the sale for cash of the remaining portion of those claims and any remaining assets with a corresponding distribution of the proceeds to creditors. The LBS Trustee intends to solicit proposals from certain market participants to help facilitate the wind down. No assurances can be made that such a wind down will in fact occur in the first quarter of 2015 or at any particular time thereafter, or of the assets that may be distributed in kind in the wind down, or of the amount of cash proceeds that may be received by creditors in the wind down.
Contacts
Rubenstein Associates
Lynn Trono, 212-843-8495
ltrono@rubenstein.com
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