Lehman Brothers Holdings to sell $1.06 billion more unsecured claims

By Caroline Salls

Pittsburgh, May 31 - Lehman Brothers Holdings Inc. agreed to sell an additional $1.06 billion of its general unsecured claims against Lehman Brothers Inc. for 44.75% of their face value, yielding a total purchase price of $474.35 million, according to a company news release.

This private sale follows Lehman's announcement of entry into agreements to sell $4.22 billion of its general unsecured claims against Lehman Brothers Inc. under a recently completed Dutch auction process.

The company said this latest sale and the previous sales are subject to the effectiveness of a settlement agreement between Lehman and James W. Giddens, trustee for the SIPA liquidation of Lehman Brothers Inc.

New York-based Lehman Brothers Holdings Inc. was the fourth-largest investment bank in the United States. The company emerged from bankruptcy on March 6, 2012.

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