Lehman Brothers Europe recovery proposal responses exceed thresholds

By Caroline Salls

Pittsburgh, March 28 - Lehman Brothers International (Europe)'s joint administrators said responses in favor of a proposal to facilitate the return of an omnibus recovery exceeded the thresholds required for an amendment to a claim resolution agreement and an omnibus settlement agreement.

According to a news release, there have been no votes against the proposal.

The administrators said responses in favor presently exceed 90% of the total of "best claims," with around 1% of the total best claim value subject to an "information pack challenge."

Although the threshold for passing the resolution has been met, the administrators said remaining omnibus beneficiaries are encouraged to vote.

The voting period expires on April 2. Disputed values will be binding unless disputed at the time of voting, the release said.

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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