Lehman Brothers Holdings' (LEHMQ.PK) Japanese subsidiary is one of the first major units to get going with its liquidation process, after it got court approval for its debt repayment plans, the Nikkei business daily reported.
Lehman Brothers Japan Inc got approval for liquidation from the Tokyo district court and secured support for the plans from a majority of its creditors on Wednesday, and is expected to start repaying its debt by late November, the paper reported.
While the exact proportion is unknown, the figure is expected to rise from the 16.8 percent set for the first reimbursement, the Nikkei said.
Lehman firms around the world initiated bankruptcy proceedings after the American parent filed for Chapter 11 in September 2008. Lehman operations in the Asia-Pacific region were taken over by Nomura Holdings (8604.T).
Major units in the United States, the UK and Hong Kong still have not drawn up their liquidation plans, as their operations have involved complex cross-border financial transactions, the daily said.
http://www.reuters.com/article/idUSSGE6800L820100901
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