Deals
Lehman Investors Traded $32 Billion of Firm’s Debt Last Year
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Lehman Brothers Holdings Inc. investors traded $32.4 billion of the defunct investment bank’s debt last year as a hearing on its plan to pay creditors approached, according to a report.
Lehman won a judge’s approval in December, after more than three years in bankruptcy, for a $65 billion plan that would pay the average creditor less than 18 cents on the dollar in the next few years. Lehman debt accounted for most of the $36 billion in claims on bankrupt companies that changed hands last year, SecondMarket Holdings Inc. said in the report released today.