Lehman obtains six-month exclusivity extension

By Rebecca Melvin

New York, Jan. 14 - Lehman Brothers Holdings Inc. was granted a six-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan from the U.S. Bankruptcy Court for the Southern District of New York Wednesday.

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

The extension was deemed necessary due to the size and complexity of the case and due to the fact that there are 76 different insolvency proceedings underway in 15 different countries.

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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