Lehman unit trustees to accept new US plan

Lehman Brothers Treasury Co BV's bankruptcy trustees said they would accept a revised US plan filed by Lehman Brothers Holdings Inc because it recognises an intercompany claim as senior debt. "The Bankruptcy Trustees intend to vote in favour of the second Amendment Plan," Rutger J. Schimmelpenninck and Frederic Verhoeven, lawyers at Amsterdam-based Houthoff Buruma, said in a filing yesterday in Amsterdam. Lehman's creditors holding more than $100 billion (Dh367 billion) in claims on July 1 signed their support for the company's latest payout plan, which allots more money to a group including Goldman Sachs Group Inc and less to bondholders including Paulson & Co. The Lehman Brothers Treasury unit helped finance the business activities of affiliates of New York-based Lehman, the securities firm that filed for bankruptcy in 2008, by selling financial instruments including structured notes, the trustees said. Article continues below "The Second Amended Plan appears to have struck a balance between the interests of the various large creditor groups, thereby reducing the risk of protracted and expensive litigation," the lawyers said in yesterday's filing.