Lehman receives $1.53 billion distribution from Hong Kong affiliate

By Caroline Salls

Pittsburgh, March 19 - Lehman Brothers Holdings Inc. has received a $1,534,000,000 cash distribution from Hong Kong affiliate in liquidation Lehman Brothers Asia Holdings, according to a news release.

Lehman said the payment was its total share of the affiliate's first two distributions, and it was made under a settlement that took effect on the March 6 effective date of Lehman's bankruptcy plan.

The distribution will be included in Lehman's first creditor distribution on April 17.

The company said its affiliated debtors expect additional cash recoveries from the Hong Kong entities in the future.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company emerged from bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on March 6.

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