The team winding down the remains of Lehman Brothers Holdings Inc. is planning to pay out $2.6 billion to creditors next week, WSJ Pro Bankruptcy reported. The distribution, the 15th since the investment bank failed in 2008, will bring the total payout in the firm’s bankruptcy to about $124.6 billion. The bulk of the cash has gone to pay so-called third-party, or non-Lehman, claims. Lehman said in a filing in U.S. Bankruptcy Court in New York on Thursday that its senior unsecured creditors — Lehman bondholders who were estimated to receive about 21 cents on the dollar when the bank’s bankruptcy plan went into effect in early 2012 — will have recovered more than double that amount, 44.6 cents, after the next distribution is completed. The chapter 11 payment plan for Lehman treats similarly situated creditors of its subsidiaries better than those of the parent. For example, general unsecured creditors of Lehman’s special finance unit, the heart of the failed investment bank’s derivatives business, have so far recovered more than 39 cents on the dollar, though they are limited to how much they can claim.
