Lehman delay in bankruptcy plan

Lehman Brothers said it will take longer than expected to win approval of its bankruptcy reorganisation plan as it tries to calm creditors, who are owed $369 billion (£233bn).

The bank told a judge in New York that it hopes to file a revised plan within seven to ten days and win court approval of the scheme "well before the end of the year".

Lehman earlier hoped to have a plan approved by the end of March.

Lehman expects to have $60.1bn of assets, up from the $57.5bn it estimated six months ago, to distribute to creditors.