A group of unsecured creditors on Friday objected to a request by bankrupt Lehman Brothers Holdings Inc. (LEHMQ) for more time to draft its reorganization plan, claiming the delay will cut into the $13 billion they say they are owed, according to court documents quoted by Reuters.
Lehman attorneys asked the bankruptcy court in Manhattan to extend until March 15, 2010, the period in which the company can propose a reorganization plan. The current deadline expires Monday, but Lehman said it needs time to collect data and coordinate cases that span the globe.
The unsecured creditors, including Elliott Management Corp., King Street Capital Management LP and Paulson & Co. Inc., said Lehman is essentially being liquidated and therefore creditors should manage the process since they are the main beneficiaries.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment