Lehman to make $2.6 billion 15th distribution to creditors on April 5

By Caroline Salls

Pittsburgh, March 29 – Lehman Brothers Holdings Inc. will make a $2.6 billion 15th distribution to unsecured creditors under its confirmed Chapter 11 plan on April 5, according to a news release.

The company, which is also the plan administrator, said the distribution includes $2.3 billion of payments on account of third-party claims and $400 million of payments among the Lehman debtors and their controlled affiliates.

Cumulatively through the 15th distribution, Lehman said its total distributions to unsecured creditors will amount to $124.6 billion, including $92.2 billion of payments on account of third-party claims and $32.4 billion of payments among the Lehman debtors and their controlled affiliates.

In accordance with the Chapter 11 plan, which was confirmed on Dec. 6, 2011, and subject to available funds, the Lehman debtors said a 16th distribution to creditors is expected to be made within five business days of Sept. 30.

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

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