Lehman Exit Plan Supported By BofA and Merrill

October 13th, 2011 by James

Lehman Exit Plan Supported By BofA and MerrillThe latest in a string of settlements with major financial creditors has been unveiled by Lehman Brothers Holdings Inc.

It will reach deals with Bank of America Corp and Merrill Lynch that will reduce the banks’ claims against Lehman by a combined $7.5 billion.

From in.finance.yahoo.com:

As part of the settlement, the banks have pledged support for Lehman’s $65 billion bankruptcy exit plan, according to court papers filed late on Wednesday in U.S. Bankruptcy Court in Manhattan.

Bank of America will reduce its derivatives claims against Lehman entities by $4.5 billion, Lehman said. Merrill Lynch, a Bank of America subsidiary since 2008, will lower its claims by an additional $3 billion, court papers show.

The deal still requires bankruptcy court approval, and is set for hearing on October 19.

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