Lehman to seek creditor vote on $65 billion payout
(Reuters) – Lehman Brothers Holdings Inc will ask a bankruptcy judge on Tuesday to let creditors vote on its $65 billion payout plan, a key step toward ending the biggest bankruptcy in U.S. history. The investment bank, under Chapter 11 bankruptcy protection since September 2008, will present its plan outline at a hearing in U.S. Bankruptcy Court in Manhattan. If Judge James Peck deems the outline sufficient, creditors will vote on the plan on November 4. The plan would pay creditors an average of 20 cents on the dollar, with some groups receiving more, including derivatives creditors who would take … Read more