Lehman asks court for additional time to file plan, solicit votes

By Lisa Kerner

Charlotte, N.C., April 1 - Lehman Brothers Holdings, Inc. requested an extension to its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period to Sept. 15 from March 15 and the solicitation period to Nov. 15, 2010 from May 17.

A hearing is scheduled for April 14.

The debtors made the request "out of an abundance of caution" and in light of its new debtor entities Merit, LLC, LB Somerset LLC and LB Preferred Somerset LLC, the filing said.

Lehman said "the filing of competing individual plans with respect to the new debtor entities while the debtors are negotiating the plan and continuing their investigations would be disruptive to the plan process and will delay all of the Chapter 11 cases."

New York-based Lehman Brothers Holdings Inc. 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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