Lehman plans to distribute $14.2 billion to creditors
By Jonathan Stempel
(Reuters) - Lehman Brothers Holdings Inc said on Wednesday it plans to distribute about $14.2 billion to creditors early next month, as the company winds down following its emergence from bankruptcy protection last year.
The distribution, to be made April 4, will be Lehman's third since it emerged from Chapter 11 protection on March 6, 2012.
Lehman said the payout will increase total distributions to about $47.2 billion, with two-thirds going to third parties.
The company has said it hopes to distribute more than $65 billion, on average about 21 cents on the dollar for allowed claims.
April's payout will include $9.4 billion to third-party creditors and affiliates, $4.4 billion to other Lehman debtors and affiliates, and $370 million for claims deemed valid since the second distribution on October 1.
Following the distribution, holders of senior unsecured claims against the parent company will have received about 14.8 cents on the dollar on their claims, a court filing showed.
Lehman's next distribution is expected around September 30.
Separately, Lehman said it has reached a settlement with Lehman Brothers Finance AG, its former Swiss-based derivatives unit, over billions of dollars of guarantees and intercompany claims. Continued...