Law360, New York (August 03, 2011, 10:12 PM ET) -- Lehman Brothers Holdings Inc. announced Wednesday that it had struck a deal to settle $20 billion of intercompany claims between U.S. debtors and Lehman Hong Kong, securing major support from liquidators of its Asian affiliate for its plan to exit bankruptcy in New York.
With the agreement, the liquidators for Lehman Hong Kong, one of the largest groups of Lehman's international affiliates, will support the plan, along with creditor groups claiming more than $100 billion.
"It is a quantum leap in the progress of the Hong...
Lehman Settles $20B In Claims With Asian Affiliate
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