PwC will ship the debts of Lehman Brothers
Some creditors of Lehman Brothers International Europe could be reimbursed for money they are owed more quickly than expected. PricewaterhouseCoopers (PwC), the firm responsible for the liquidation of the defunct bank, has announced on Wednesday he would propose a "consensus approach" to the creditors 'ordinary', that is to say those who do not receive any priority. This approach would allow administrators PwC to assess themselves the debts of Lehman Brothers Europe instead of letting each of the 6,500 creditors of the bank with it according the approach known as "bilateral."
This method would pay most creditors in 2011 instead of 2013 at the earliest if each application was treated separately.But Steve Pearson, a partner at PwC and co-director of Lehman Brothers Europe quoted by the Financial Times on Wednesday said that in return, most creditors will expect reimbursement below their expectations.
A novel approach
Steve Pearson stressed that the consensus approach is a first, necessitated by the complex situation of Lehman Brothers Europe overnight pay day loans. It will save "a lot of time and money to both creditors and to Lehman Brothers International Europe. "What we wanted to do was something ambitious to make their money from creditors who need it," he said in the Wall Street Journal.
The sudden bankruptcy of Lehman Brothers September 15, 2008 has trapped some 6,500 creditors, mostly banks and insurance companies.Some estimate that the total amount owed by the bank amount to 22 billion dollars (about 17.9 billion euros). Aware that his proposal would probably not win the votes of creditors of the bank, Steve Pearson said that the consensus approach would be adopted only if 90% of unsecured creditors gave their consent.
In addition, the Financial Times reveals that Ernst & Young is under investigation in the United Kingdom on the audit that the firm conducted at Lehman Brothers before its bankruptcy. Ernst & Young has announced that it was cooperating and he reaffirmed that "the balance sheets of Lehman this year were relatively consistent with accounting standards.
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