Lehman Approved To Move Ahead With SunCal Plans

Law360, New York (July 22, 2011, 2:10 PM EDT) -- Lehman Brothers Holdings Inc. on Thursday received a New York bankruptcy court’s approval to move ahead with reorganization plans for fallen real estate developer SunCal that will give Lehman a raft of properties in exchange for $1.8 billion in debt.

U.S. Bankruptcy Judge James Peck authorized Lehman to enter into the third amended joint reorganization plans for SunCal’s voluntary and involuntary bankruptcy cases in California. If confirmed, Lehman will provide roughly $103 million in chapter 11 funding, receive some 16 real estate projects and expunge its...
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