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The tenth progress report reveals that Lehman Brothers International (Europe) might have a surplus, meaning unsecured creditors may get interest and shareholders may also benefit.
The joint administrators of Lehman Brothers International (Europe) (LBIE) have drafted a progress report tracking the period from 15 March 2013 to 14 September 2013. This information has been sent to all known creditors and counterparties.
What are the main updates?
On 11 October 2013, the joint administrators of LBIE delivered their tenth report on the progress of the administration. Key points to note are:
• the joint administrators will host a one-hour webinar on 5 November 2013, giving creditors an opportunity to hear a summary of the current circumstances of the administration and participate in a Q&A session—details of the webinar will be posted on the PWC/Lehmans website shortly
• there is an increasing likelihood that there will be a significant surplus, after payment of all unsecured and trust claims (the surplus would be available to fund the payment of post-administration interest and/or the claims of shareholders)—the joint administrators are considering ways to resolve the resulting significant complexities, which will be assisted by the Waterfall Application (an application seeking determination on statutory interest priority, contribution rights and other issues relating to LBIE and its shareholders) due to be heard on 11 November 2013
• a third interim distribution will be made to unsecured creditors on or around 29 November 2013 (the cut-off date for proving is 31 October 2013)
• a second unsecured creditor dividend of 43.3% was paid on 28 June 2013—catch up dividends continued for late admitted creditors at the planned monthly payment dates
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