Lehman Bros. Backs Converting Swiss Unit To Ch. 15

Law360, New York (March 9, 2009, 12:00 AM EDT) -- Lehman Brothers Holdings Inc. has backed a proposal by PricewaterhouseCoopers to dismiss Chapter 11 proceedings for a Swiss unit of the bankrupt financial services institution and instead recognize bankruptcy proceedings in Switzerland as the lead case under a Chapter 15 proceeding.

In a motion filed Monday in the U.S. Bankruptcy Court for the Southern District of New York, Lehman Brothers said that it supported the conversion of Lehman Brothers Finance AG's bankruptcy because it would provide the most efficient way for the process to move forward....
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