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Lehman aims to exit bankruptcy within 24 months

Lehman aims to exit bankruptcy within 24 months

A top Lehman Brothers executive says the company's bankruptcy case could be wrapped up within two years.
Restructuring expert Bryan Marsal, who replaced longtime chief Richard Fuld as Lehman's chief executive at the end of 2008, told a bankruptcy judge on Wednesday that liquidators could finish their work of winding down the Lehman estate within 18 months to 24 months.
Lehman _ once the fourth biggest U.S. investment bank _ filed the biggest bankruptcy in U.S. history on Sept. 15. Many key assets have since been sold.
Liquidators must resolve about 750 outstanding derivatives contracts and coordinate 76 separate international insolvency proceeedings linked to the main Lehman case.
Some say the case could take up to 10 years.


Updated : 2021-02-26 15:31 GMT+08:00