Lehman continues to close open loan trades

By Sara Rosenberg

New York, Oct. 3 - Lehman Commercial Paper Inc. provided notice on Friday through the LSTA that it is still able to close open loan trades, and is working to close those trades as quickly as possible.

In the past week, Lehman closed about 60 trades.

"We have received numerous inquiries regarding the status of Lehman Commercial Paper Inc. and its ability to continue to close open trades. Please take notice that LCPI has not commenced a case under title 11 of the United States Code," the notice said.

"Please note that any action taken or purportedly taken by a counterparty to any trade on the basis that Lehman Brothers Holdings Inc. has commenced a case under the Bankruptcy Code would be in violation of the applicable agreements," the notice added.

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