PwC tries to speed up return of Lehman assets
And avoid a decade of waiting… PwC, Lehman’s U.K. administrator, has tried to ease the pain of ongoing court actions by asking creditors to sign contracts to get back as much as $8.9 billion reports Bloomberg. The money was frozen after a judge rejected a proposed scheme of arrangement put forward by PwC. The aim is to hopefully avoid the need for court approval and speed up the return of money to creditors. The contracts would create an alternative to the …
And avoid a decade of waiting…
PwC, Lehman’s U.K. administrator, has tried to ease the pain of ongoing court actions by asking creditors to sign contracts to get back as much as $8.9 billion reports Bloomberg. The money was frozen after a judge rejected a proposed scheme of arrangement put forward by PwC. The aim is to hopefully avoid the need for court approval and speed up the return of money to creditors.
The contracts would create an alternative to the original scheme of arrangement, thus allowing creditors to agree to a settlement more quickly. Meanwhile, Lehman Brothers International Europe is appealing the ruling from August which rejected the scheme.
