Jarden Wants Lehman Taken Off $1.5B Credit Deal

Law360, New York (December 11, 2008, 12:00 AM EST) -- Jarden Corp., a Fortune 500 consumer products maker, is asking for a court order forcing the resignation of bankrupt Lehman Brothers Commercial Paper Inc. from its role in a $1.5 billion credit agreement.

The motion, filed Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, says that "despite its defaults as Jarden’s swing line lender, administrative agent and revolving lender, [Lehman Brothers] has refused to resign and allow itself to be replaced."

Jarden is a borrower under a $1.53 billion agreement involving...
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