Lehman Brothers LCMNER index-linked notes sell for $34.6 million

By Caroline Salls

Pittsburgh, Dec. 6 - JA Solar Holdings Co., Ltd. has completed the sales of its previously written-off $100 million face value of three-month LCMNER index-linked notes (Lehman notes) issued by Lehman Brothers Treasury Co. BV for $34.6 million in cash, according to a news release.

The company said the sale of the Lehman notes was conducted through a competitive bidding process with multiple bidders.

JA Solar had previously recorded a $100 million impairment loss against the investment in the third quarter of 2008.

As a result, the company said a $34.6 million gain will be recorded in the fourth quarter financial report.

New York-based Lehman Brothers Holdings was the fourth-largest investment bank in the United States. The company filed for bankruptcy on Sept. 15, 2008. Its Chapter 11 case number is 08-13555.

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