Lehman Brothers Whittles Liabilities To $200B

Law360, New York (February 3, 2009, 12:00 AM EST) -- Lehman Brothers Holdings Inc. has reduced its unsecured liabilities by two-thirds to about $200 billion since filing for bankruptcy last year, the company said Tuesday.

When the former financial services company filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York, it listed $613 billion in debts. According to a company spokeswoman, the reduction came about because Lehman's original debt included $400 billion in short-term loans offset by a similar amount of assets that “netted out.”

Lehman's bond prices...
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