Further to the Seventh Announcement in respect of the Settlement of the Omnibus Claim dated 14 May 2013 and the announcement on 2 April 2013 that the required voting thresholds in respect of both the Resolution to amend the Claim Resolution Agreement and the Omnibus Settlement Agreement had been exceeded, the Administrators are delighted to announce that all conditions to the effectiveness of the settlement agreement between LBI and LBIE have now been satisfied. Consequently, the Common Terms, as published on 1 March 2013 and available here have now become effective and, for the purpose of the definition set out in clause 54 thereof, the Common Terms Effective Date shall be 7 June 2013.
As noted in the 14 May update, the Administrators intend to provide further updates ahead of the first interim distribution, in particular, notification once LBIE has liquidated 90% by value of the securities portfolio due to be received from LBI, and a substantive update before the end of this month on the timing of that distribution and the expected participants.
If you have any queries in relation to the content of this update, please call your existing LBIE contact or send an email to generalqueries@lbia-eu.com.
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Lehman Brothers filed for bankruptcy in the US courts on 15 September 2008. PwC were appointed as administrators, on the largest insolvency in history.
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