Lehman Brothers Treasury Announces Successful Completion of Partial Wind-Down and Intent to Explore Final Wind-Down
Lehman Brothers Treasury Co. B.V. in liquidation (“LBT”) today, through its U.S. counsel Kramer Levin Naftalis & Frankel LLP, confirmed that the previously announced partial wind-down has concluded successfully. A final distribution to creditors that did not receive substitute notes was made in May 2019. Holders of substitute notes received a first distribution on their substitute notes in May 2019.
LBT also announced that it is beginning to explore options to facilitate the final wind-down of LBT in the near future, including an in-kind distribution to holders of substitute notes of their pro-rata share of the remaining intercompany claim of approximately US$ 19.6 billion held by LBT against Lehman Brothers Holdings Inc. In this context, LBT has asked its paying agent to begin preparations for the collation of information concerning the holders of substitute notes through a voluntary disclosure request via the clearing systems.
The foregoing is subject to further consents and authorizations that LBT may require, and LBT retains sole discretion to halt, abandon or otherwise discontinue its exploration of final wind-down options. There can be no assurances that a final wind-down will be effected, or if effected, the timing thereof.
LBT does not undertake to update publicly its disclosure to reflect developments in this matter.
Daniel Eggermann, Kramer Levin Naftalis & Frankel LLP
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