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Lehman to sell $1.81 billion of unsecured claims for $813.6 million
By Caroline Salls
Pittsburgh, June 10 - Lehman Brothers Holdings Inc. and some of its controlled affiliates agreed to sell an additional $1,808,000,000 of their general unsecured claims against Lehman Brothers Inc., according to a news release.
The claims will be sold for 45% of their face value, yielding a total purchase price of $813.6 million.
The company said this sale follows its entry into agreements to sell a total of $5.28 billion of its general unsecured claims against Lehman Brothers Inc. under its recently completed Dutch auction process and an additional sale.
In connection with this latest sale, Lehman has agreed not to convey, transfer or assign any of its remaining general unsecured claims against Lehman Brothers Inc. before Dec. 15, 2013.
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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