Lehman administrators PwC repay $11bn to creditors
Administrators of the collapsed investment bank Lehman Brothers have agreed a plan to return $11bn (£6.9bn) to former investors.
PricewaterhouseCoopers (PwC) said more than 90% of affected investors - with assets still locked in Lehmans - had agreed to the deal.
PwC is responsible for winding down the Lehman Brothers' European operations. The investment bank held $32bn of client assets when it collapsed at the height of the banking crisis in September 2008. $13.3bn has so far been returned to investors, who are mainly large hedge funds and investment companies.
The agreement forms part of an attempt to speed up the administration of Lehmans, with PwC warning that it could take a decade or more to wind up the bank's European operations.Posted at 08:23PM Dec 29, 2009 by Kelly Board in Insolvency | Comments[0]
