Lehman unsecured creditors to get distribution
NEW YORK (AP) — Unsecured general creditors of Lehman Brothers will get $4.6 billion in a first interim distribution next month.
Lehman's bankruptcy in September of 2008 marked the start of the global financial crisis and was a major catalyst of the financial meltdown.
Trustee James Giddens filed a notice on Friday about the distribution, which is expected to start around Sept. 10.
Unsecured general creditors had to wait for their distribution as all customer claims were satisfied first. The claims of secured and priority general creditors also were fulfilled.
Giddens said in a statement that additional distributions to unsecured general creditors are expected.
More than $110 billion will have been distributed from the Lehman Brothers Inc. estate when accounting for customer claims and the first distribution to unsecured general creditors.