Lehman eyes eight-month extension due to 'sheer size and complexity'

By Caroline Salls

Pittsburgh, July 1 - Lehman Brothers Holdings, Inc. is seeking an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

"Due to the sheer size and complexity of these cases, additional time is required to prepare confirmable Chapter 11 plans," Lehman said in the motion.

Specifically, the company said ongoing analyses and investigations into its businesses and assets must be completed.

The company wants to extend its exclusive plan-filing period to March 15, 2010 from July 13 and the solicitation period to May 17, 2010 from Sept. 16.

A hearing is scheduled for July 15.

New York-based Lehman Brothers Holdings 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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