Lehman Brothers Holdings receives $1.9 billion in brokerage bids
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Lehman Brothers Holdings receives $1.9 billion in brokerage bids 23 May 2013New York Reporter: Georgina Lavers
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Lehman Brothers Holdings announced that, following the conclusion of a "Dutch" auction process, it and certain of its controlled affiliates have agreed to sell $4.22 billion of their general unsecured claims against Lehman Brothers.
The claims will be sold for 44.5 percent of their face value, yielding an aggregate purchase price of $1.88 billion.
The sale of the claims is subject to certain closing conditions, including the effectiveness of the settlement agreement, which was reached on 21 February 2013 between Lehman and James Giddens, the trustee for the Securities Investor Protection Act’s (SIPA) liquidation of Lehman Brothers.
Lehman was represented by the law firm Weil, Gotshal & Manges and advised by Lazard in connection with the auction.
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