Lehman Brothers Holding Thinks Bankruptcy Plan will be Approved in Early 2011
Lehman Brothers Holding, the company that is reported as being responsible for the largest banking collapse in the history of the United States, said that its Chapter 11 bankruptcy plan will be accepted within the first few months of 2011.
According to the company, it is "optimistic" that the bankruptcy court will finally approve its reorganization plan in the first quarter of next year.
Allegedly, the company has worked hard to reduce claims on the estate from its creditors and disagreements between its creditors are "narrowing". Two years ago, the organization filed for Chapter 11 and still the case remains officially unsettled. However, the company has made progress in reducing claims from $1.2 trillion to $464 billion during the bankruptcy process.
The company told news sources that it will continue to reduce operational costs and will cut its workforce to 500 people by April 11th.
Filing for bankruptcy in Texas? Get immediate help by contacting the Malaise Law Firm and speak with a San Antonio bankruptcy attorney.