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Lehman Brothers Sets Third Creditor Payment for April 4

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Lehman Brothers Holdings Inc. set its third payment to creditors for April 4 after getting a judge’s approval to abandon a previously fixed schedule for returning money, Bloomberg News reported yesterday. The record date for the latest payment to holders of claims against the defunct investment bank is Feb. 23, Lehman said in a court filing on Feb. 15. It did not say how much it would pay out. Lehman, which is still liquidating and trying to cut claims after exiting bankruptcy court protection last year, has so far paid creditors about 9 cents on the dollar, or half of what it expects to pay by about 2016. It said in December that it raised $3.9 billion for creditors in the quarter ended Sept. 30 and another $1.6 billion in October and November, while its $6.5 billion sale of apartment owner Archstone was due to close by March 26.