Lehman Brothers Holdings Inc has recently announced that it would try to sell nearly US$14 billion in unsecured claims that the company has against its brokerage unit, Lehman Brothers Inc.
The rights over the money from the brokerage unit came after a settlement agreement was granted court approval last month. Aside from the unsecured claims, the agreement provided the parent company with US$2.3 billion in claims on the brokerage, according to the holdings company.
In a statement, Lehman 'intends to explore monetization opportunities' related to these general unsecured claims. To assist the company on potential deals, Lehman had engaged the services of Lazard Ltd as adviser.
Lehman is still in the process of liquidating assets after its exit from bankruptcy protection last year. It had already made a third payment on its credit loan last April 4 and it is now preparing for the payment of the largest claim on the affiliate in the amount of US$15.2 billion.
Under the agreement, the brokerage had allowed the parent to claim nearly US$16.3 billion and granted its European affiliate another US$7.5 billion on customer claims and US$4 billion in general estate claims.
Join the Conversation