Lehman Brothers Treasury Announces the Successful Auction of a Portion of its Intercompany Claim against Lehman Brothers Holdings Inc.
AMSTERDAM--(BUSINESS WIRE)--Mar 20, 2019--In connection with its previously announced partial wind-down, Lehman Brothers Treasury Co. B.V. in liquidation (“LBT”), through its U.S. counsel Kramer Levin Naftalis & Frankel LLP, announced that its placement agent, Seaport Loan Products LLC, successfully concluded an auction of a US$10,475,844,413 portion of LBT’s US$34,548,000,000 intercompany claim (the “Intercompany Claim”) against Lehman Brothers Holdings Inc. for a total gross purchase price of US$179,472,166. The sale is expected to close during the first week of April 2019. The net proceeds of the sale (after deducting various sale-related costs and expenses), together with certain available cash, will be used to fund a final distribution to creditors of LBT who do not receive substitute notes as a result of LBT’s prior solicitation process.
For more information on the partial wind-down, including information about the Intercompany Claim sale, the final cash distribution, and anticipated timelines, an Information Notice has been posted to LBT’s website at www.lehmanbrotherstreasury.com.
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CONTACT: Daniel Eggermann, Kramer Levin Naftalis & Frankel LLP
Tel: + 1-212-715-9495
KEYWORD: EUROPE NETHERLANDS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE LEGAL
SOURCE: Kramer Levin Naftalis & Frankel LLP
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PUB: 03/20/2019 02:15 PM/DISC: 03/20/2019 02:15 PM