NEW YORK, April 8 (Reuters) - Lehman Brothers Holdings Inc asked a judge to delay a court hearing for a liquidation plan drawn up by bondholders including the hedge fund Paulson & Co and the California Public Employees' Retirement System.
Delaying the hearing of a rival plan could expedite Lehman's liquidation, it said in a court filing on Friday.
Last week, the Paulson-CalPERS group asked Judge James Peck, who oversees Lehman's bankruptcy, to consider its reorganization plan for Lehman at the same time he considers Lehman's plan. The plans differ in how much various creditors would be paid.
If Lehman's plan is confirmed, 'it will relieve the need for further proceedings and save considerable time and expense,' the bank's debtors said in the filing.
Once Wall Street's fourth-largest investment bank, Lehman went bankrupt on Sept. 15, 2008, with $639 billion of assets. The bankruptcy is by far the largest in U.S. history.
The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555.
(Reporting by Maria Aspan; Editing by Gary Hill) Keywords: LEHMAN/PAULSON (maria.aspan@thomsonreuters.com; +1 646 223 6394) 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.
Delaying the hearing of a rival plan could expedite Lehman's liquidation, it said in a court filing on Friday.
Last week, the Paulson-CalPERS group asked Judge James Peck, who oversees Lehman's bankruptcy, to consider its reorganization plan for Lehman at the same time he considers Lehman's plan. The plans differ in how much various creditors would be paid.
If Lehman's plan is confirmed, 'it will relieve the need for further proceedings and save considerable time and expense,' the bank's debtors said in the filing.
Once Wall Street's fourth-largest investment bank, Lehman went bankrupt on Sept. 15, 2008, with $639 billion of assets. The bankruptcy is by far the largest in U.S. history.
The case is In re: Lehman Brothers Holdings Inc, U.S. Bankruptcy Court, Southern District of New York, No. 08-13555.
(Reporting by Maria Aspan; Editing by Gary Hill) Keywords: LEHMAN/PAULSON (maria.aspan@thomsonreuters.com; +1 646 223 6394) 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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