Lehman's Path Out Of Historic Bankruptcy Confirmed

Law360, New York (December 6, 2011, 1:41 PM EST) -- Lehman Brothers Holdings Inc. won approval of its Chapter 11 plan Tuesday, a milestone that many had thought was nearly impossible three years ago when the investment bank collapsed and filed the largest bankruptcy in U.S. history.

U.S. Bankruptcy Judge James M. Peck's emotional approval of the bankruptcy exit paves the way for the distribution of $65 billion to creditors — who originally asserted 67,000 claims of about $1.2 trillion — in the final wind-down. Creditors' unprecedented willingness to put aside differences with each other led...
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