NEW YORK, Jan 13 (Reuters) - Lehman Brothers Holdings Inc said it will take longer than expected to win approval of its bankruptcy reorganization plan while it tries to work out agreements with creditors still owed hundreds of billions of dollars.
Harvey Miller, a lawyer for the company, told a U.S. bankruptcy judge on Thursday that Lehman hoped to win confirmation of its Chapter 11 plan 'well before the end of the year.'
Lehman earlier had hoped to have its plan approved by the end of March, but Miller said that timeline is no longer feasible.
Lehman needs to resolve disputes with a group of creditors including billionaire investor John Paulson that submitted their own reorganization plan in December. This group argues Lehman's plan treats big bank creditors better than other creditors.
In a regulatory filing, Lehman said total net recoveries as of Dec. 31 were expected to be $60.1 billion, up from a projection of $57.5 billion six months earlier.
It also said total claims from creditors were likely to reach $369 billion, of which $322 billion would likely be allowed.
(Reporting by Caroline Humer and Jonathan Stempel in New York, editing by Dave Zimmerman) Keywords: LEHMAN/ (jon.stempel@thomsonreuters.com +1 646 223 6317; Reuters Messaging: jon.stempel.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Harvey Miller, a lawyer for the company, told a U.S. bankruptcy judge on Thursday that Lehman hoped to win confirmation of its Chapter 11 plan 'well before the end of the year.'
Lehman earlier had hoped to have its plan approved by the end of March, but Miller said that timeline is no longer feasible.
Lehman needs to resolve disputes with a group of creditors including billionaire investor John Paulson that submitted their own reorganization plan in December. This group argues Lehman's plan treats big bank creditors better than other creditors.
In a regulatory filing, Lehman said total net recoveries as of Dec. 31 were expected to be $60.1 billion, up from a projection of $57.5 billion six months earlier.
It also said total claims from creditors were likely to reach $369 billion, of which $322 billion would likely be allowed.
(Reporting by Caroline Humer and Jonathan Stempel in New York, editing by Dave Zimmerman) Keywords: LEHMAN/ (jon.stempel@thomsonreuters.com +1 646 223 6317; Reuters Messaging: jon.stempel.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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