ADMINISTRATORS for the European arm of failed investment bank Lehman Brothers today said there was a “reasonable” chance that unsecured creditors could have their claims paid in full.
PwC said Lehman Brothers International Europe (LBIE) was the largest and most complex company in the group, which collapsed with debts of more than $600 billion (£391bn) in 2008.
Partner and lead administrator Tony Lomas said: “To be able to advise ordinary unsecured creditors that we now have a reasonable chance of eventually repaying their claims in full marks a significant milestone for the administrators. This would not have been possible without a huge combined PwC and Lehman effort over the past four-and-a-half years.”
In November, a first interim dividend of £7bn was paid to 1,582 unsecured creditors, equivalent to 25.2p in the pound. Lomas said PwC expects to pay a second “significant” dividend in the near future.
However, he added that the administration process remained “an extraordinarily large and complex challenge”.