Centerbridge Says Lehman Ch. 11 Plan Not Confirmable

Law360, Washington (July 15, 2011, 4:13 PM EDT) -- Hedge fund Centerbridge Capital Partners LLC told a New York bankruptcy court Friday that Lehman Brothers Holdings Inc.'s proposed Chapter 11 plan cannot be confirmed despite the massive support other creditors have expressed.

Lehman announced July 1 that creditors holding more than $100 billion in claims had rallied in support of its latest reorganization plan, a significant advance in the epic bankruptcy. Thirty of Lehman's heftiest creditors had signed on to the debtor's second amended Chapter 11 plan and given it priority over two competing proposals,...
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