Lehman Brothers, whose collapse in 2008 signalled
the crisis in the U.S. banking industry and world economy, announced
Tuesday that it had emerged from bankruptcy and plans to start paying
John Suckow, Lehman's president during the bankruptcy period, said the firm would "strategically position assets to produce strong values," resolve disputed claims and manage expenses.
"Our objective remains to provide the best results possible for creditors," he said.
The first payout to creditors is to begin April 17, Suckow said.
The company has assets of an estimated 65 billion dollars - but not in cash. Much of the company's remaining wealth is stuck in real estate or financial firms.
The bankruptcy is one of the most complicated in US history. Late last year, creditors agreed to a revised bankruptcy plan. For each dollar lost in the bankruptcy, they will receive an average of 20 cents, adjusted to the status of their relationships with Lehman Brothers before the collapse.
That formula will apply to the parent firm in the US. Its subsidiaries in more than 40 countries including Germany are pursuing their own bankruptcy processes.
Lehman Brothers collapsed in September 2008 due to speculative betting on the housing market, where prices ballooned due to rampant investment in new instruments that bundled mortgage securities, then burst.
Lehman was once the world's fourth-largest investment bank.
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