Lehman Brothers is getting broader support for its new bankruptcy plan. The investment bank, which filed for bankruptcy at the height of the financial crisis in 2008, said on Friday that creditors holding claims of $100 billion have approved its payment plan.
The plan will give creditors a “fair and reasonable” outcome, Lehman CEO Bryan Marsal said. If approved, creditors “will avoid the costly, uncertain andprotracted litigation that would undoubtedly follow in the absence of this compromise solution.” Lehman says it has about $65 billion to settle $325 billion in claims.
