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Lehman Brothers exits bankruptcy

Lehman Brothers, which in 2008 filed the biggest bankruptcy in US history, said it was exiting bankruptcy and would make its first payment to creditors on April 17.

business Updated: Mar 07, 2012 20:45 IST

Lehman Brothers, which in 2008 filed the biggest bankruptcy in US history, said it was exiting bankruptcy and would make its first payment to creditors on April 17.

The defunct investment bank has about $18 billion of cash available, it has said. In theory, it could give creditors $12-15 billion initially, depending on how much cash it needs to keep in reserve for disputed claims. However, it didn’t specify the size of the distribution.

The failed energy trader Enron’s investors were paid 53 cents on the dollar, while Lehman's $65 billion liquidation plan would give the average creditor less than 18 cents in the next few years, according to documents.

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