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Lehman International Creditors to Get $11.2 Billion, PwC Says

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Nov. 9 (Bloomberg) -- Administrators for Lehman Brothers International Europe made their first interim distribution to unsecured creditors, paying out 7 billion pounds ($11.2 billion) for 1,582 claims, according to an e-mailed statement from PriceWaterhouseCoopers.

The payments equate to about 25 pence per pound of claims, PwC said in the statement. They include more than 650 creditors each with 150,000 pounds outstanding who chose to accept a one-off payment of 90 percent to settle.

“Over the last six weeks alone, we have more than doubled the number of claims admitted,” Tony Lomas, lead administrator at PwC, said in the statement. “We look forward to returning a substantial amount of cash to creditors later this month.”

The administrators at PwC have already returned 13.5 billion pounds in cash and securities to clients with funds deposited with the failed brokerage. They also intend to pay a so-called catch up dividend in February for unsecured creditors whose claims are admitted between now and the end of January.

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To contact the reporter on this story: Ben Moshinsky in London at bmoshinsky@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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