LEHMAN OUT OF BANKRUPTCY
08 Mar, 2012
Lehman Brothers, the blighted financial services firm that is now somewhat synonymous with the financial crash of 2008, has announced that it is coming out of bankruptcy and will begin paying back its creditors in April.
The global firm filed for bankruptcy in September 2008 in what was the largest bankruptcy filing in American history, and has since undergone a massive $639 billion restructuring.
John Suckow, a managing director with restructuring advisers at Alvarez & Marsal and Lehman’s president and chief operating officer, said in a statement: “Our objective remains to provide the best results possible for creditors – by continuing to strategically position assets to produce strong values, to pursue the resolution of disputed claims and other matters in litigation, and to manage expenses in line with the asset disposition process.
“We thank the hundreds of Lehman employees and outside professionals who have worked hard and diligently since September 2008 to achieve this monumental result.”