Lehman requests six-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., Dec. 30 - Lehman Brothers Holdings, Inc. requested a six-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend the exclusive plan-filing period to July 13, 2009 from Jan. 13 and the solicitation period to Sept. 16, 2009 from March 16.

Lehman said since filing for bankruptcy, the majority of its time and resources has been devoted to completing the transition to operating under Chapter 11 and maximizing the value of its assets.

The company also said it has faced considerable difficulty due to the start of multiple insolvency proceedings of its foreign affiliates.

"The sheer magnitude of matters have required and continue to require substantial and continuing efforts on the part of the debtors and their professionals to address the many complex issues and problems that are presented by these extraordinary and complex cases," Lehman said in the filing.

A hearing has been scheduled for Jan. 14.

New York-based Lehman Brothers Holdings is the fourth-largest investment bank in the United States. The company filed for bankruptcy on Sept. 15. Its Chapter 11 case number is 08-13555.

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