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Il 29 aprile la Lehman Brothers Bankhaus AG, unità tedesca della LBHI già sottoposta a procedura di insolvenza, ha fatto richiesta di ammissione al Ch15 USA:
Lehman’s German Affiliate Seeks U.S. Court Protection (Update1)
By Tiffany Kary
April 29 (Bloomberg) -- Lehman Brothers Holdings Inc.’s German-based affiliate filed for bankruptcy protection today in New York, seeking a shield from U.S. lawsuits as it reorganizes.
The petition for Chapter 15 bankruptcy listed more than $1 billion each in debts and assets. Lehman Brothers Bankhaus AG, based in Frankfurt, joins the Lehman holding company, which filed the largest bankruptcy in history on Sept. 15 with debt of $613 billion.
“The bulk of LBB’s debtor-creditor relationships involve entities that are not based in the U.S.,” lawyers for Michael C. Frege, the affiliate’s insolvency administrator, said in court documents. As of April 1, 457 creditors had filed claims against the German unit, of which 22 were based in the U.S.
The German affiliate, established in 1987, has branch offices in South Korea, London and Milan. The offices in London and Milan are being wound down as part of the German court proceedings and the Korean office is subject to a moratorium on business activities by local banking authorities.
Under Chapter 15 of the bankruptcy code, a company can win a stay on U.S. lawsuits and better organize U.S. assets while it reorganizes or liquidates overseas in a so-called “foreign main proceeding.”
The case is In re Lehman Brothers Bankhaus AG, 09-12704, and Lehman’s case is In re Lehman Brothers Holdings Inc., 08- 13555, both U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Tiffany Kary in New York at [email protected]
Last Updated: April 29, 2009 17:02 EDT
Il 29 aprile la Lehman Brothers Bankhaus AG, unità tedesca della LBHI già sottoposta a procedura di insolvenza, ha fatto richiesta di ammissione al Ch15 USA:
Lehman’s German Affiliate Seeks U.S. Court Protection (Update1)
By Tiffany Kary
April 29 (Bloomberg) -- Lehman Brothers Holdings Inc.’s German-based affiliate filed for bankruptcy protection today in New York, seeking a shield from U.S. lawsuits as it reorganizes.
The petition for Chapter 15 bankruptcy listed more than $1 billion each in debts and assets. Lehman Brothers Bankhaus AG, based in Frankfurt, joins the Lehman holding company, which filed the largest bankruptcy in history on Sept. 15 with debt of $613 billion.
“The bulk of LBB’s debtor-creditor relationships involve entities that are not based in the U.S.,” lawyers for Michael C. Frege, the affiliate’s insolvency administrator, said in court documents. As of April 1, 457 creditors had filed claims against the German unit, of which 22 were based in the U.S.
The German affiliate, established in 1987, has branch offices in South Korea, London and Milan. The offices in London and Milan are being wound down as part of the German court proceedings and the Korean office is subject to a moratorium on business activities by local banking authorities.
Under Chapter 15 of the bankruptcy code, a company can win a stay on U.S. lawsuits and better organize U.S. assets while it reorganizes or liquidates overseas in a so-called “foreign main proceeding.”
The case is In re Lehman Brothers Bankhaus AG, 09-12704, and Lehman’s case is In re Lehman Brothers Holdings Inc., 08- 13555, both U.S. Bankruptcy Court, Southern District of New York (Manhattan).
To contact the reporter on this story: Tiffany Kary in New York at [email protected]
Last Updated: April 29, 2009 17:02 EDT
