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New York: Lehman's creditors in London will be approached by the bankrupt financial firm's administrator to join a payout plan, which seeks to directly return assets to them, a media report says.
According to a report in the Wall Street Journal, Lehman Brothers Holdings Inc's hedge-fund creditors' who have USD 16 billion stuck with the bankrupt securities firm, would be asked to join in a payout plan by the administrator.
"The administrator for Lehman's operations in London plans to seek permission to remove the claims from UK courts and dole out assets directly to creditors, if enough hedge funds are willing to go along with the move," the report said.
The joint administrator of Lehman Brothers International (Europe) and a partner at PricewaterhouseCoopers, Steven Pearson said in an interview to the daily that he hopes to gain the support of 90 per cent of creditors for the plan.
He added, it would reduce the risk that creditors who do not participate could file claims later against those who do.
The assets have been frozen since Lehman tumbled into bankruptcy in September 2008, frustrating some hedge funds that had made trades through the firm before it collapsed.
In August, the UK High Court had denied Lehman administrator's plan to begin returning the hedge-fund assets in the first quarter of 2010.
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