According to Bloomberg.com, Lehman Brothers Holdings Inc., is planning its first payment to creditors after more than three years in bankruptcy, said it has about $18 billion of cash available for distribution.
The failed investment banking giant estimates that allowed claims of general unsecured creditors will be approximately $284 billion. The company indicated it could initially distribute $12 billion to $14.7 billion, depending on how much money it is required to keep in reserve to resolve disputed claims. In an effort to increase the initial payments, Lehman asked the bankruptcy judge to allow the company to keep non-cash assets in reserve to pay disputed claims.
Lehman, which on September 15, 2008 filed the biggest bankruptcy in U.S. history with approximately $613 billion in debt.
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