Deals
Lehman Amends Archstone Suit After Zell Bids $1.5 Billion
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Lehman Brothers Holdings Inc., which filed the biggest bankruptcy in U.S. history in 2008, said it was exiting court protection and will make its first payment to creditors on April 17.
The defunct investment bank has about $18 billion of cash available, and has said its first distribution will exceed $10 billion. In theory, it could give creditors $12 billion to $14.7 billion initially, depending on how much cash it needs to keep in reserve for disputed claims, it told a judge in U.S. Bankruptcy Court in Manhattan in a filing on Feb. 15. Today’s statement from Lehman didn’t specify the size of the distribution.