Court OKs Global Lehman Protocol

Law360, New York (June 18, 2009, 12:00 AM EDT) -- Administrators overseeing Lehman Brothers Holdings Inc.'s global bankruptcy proceedings have won court approval to establish a cross-border insolvency protocol that would allow them to coordinate foreign proceedings in an effort to speed up the restructuring process.

Judge James M. Peck approved the multilateral agreement on Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, paving the way for administrators in at least six countries to hash out consistent resolutions to problems they share.

“We quickly established the only way to determine what...
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