Lehman Brothers Holdings Inc. announced today that its bankruptcy plans in the SunCal bankruptcy cases have gone effective and as a result Lehman has taken title to a portfolio of California properties formerly owned by affiliates of the SunCal Companies. The plans were confirmed by the SunCal bankruptcy court in California in October 2011 and approved by the Lehman bankruptcy court in New York in July 2011.
The effectiveness of the plans will result in Lehman, which had provided financing for these development sites, obtaining ownership of 14 different projects throughout the State of California.
Jeff Fitts, Lehman's head of real estate, said: "Our strategy for the SunCal portfolio has been to gain control over the assets so that we could position them in a way that would provide the best result possible for Lehman creditors. It has been a long and complex process, and this is a major milestone."
Contacts:
Media:
Lehman Brothers Holdings Inc.
Kimberly Macleod,
646-285-9215
kmacleod@lehmanholdings.com
or
Linden
Alschuler Kaplan Public Relations
Steven Alschuler, 212-575-4545
salschuler@lakpr.com
