Lehman to File New Reorganization Plan in 4th Quarter
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Lehman Brothers Holdings Inc. plans to file a new reorganization plan in bankruptcy court by the fourth quarter and aims to win court approval by March 2011, according to a regulatory filing.
The defunct New York-based securities firm said it aims to cut creditor claims to between $250 billion and $350 billion, down from a total of $1.2 trillion earlier. Its filing was made today with the U.S. Securities and Exchange Commission. Only after winning approval of its plan can Lehman start to pay creditors, it has said.