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BUSINESS INFORMATION - Administrator of the U.S. investment bank collapsed, Lehman Brothers, on Monday announced a plan that aims to restore billions of dollars of frozen assets to creditors without the need for court approval.
PricewaterhouseCoopers (PwC), the administrator for Lehman's European division based in London, also said it took the British court decision in August to reject the plans which aim to repay creditors, including hedge funds.
However, in the meantime, administrators worry that the appeal process will not be pushed into any unnecessary delay in the return of client assets.
PricewaterhouseCoopers added that the draft plan "does not, in itself, requires a court sanction."
A PwC spokesman told AFP on Monday, that they are trying to restore some nine billion dollars (6.15 billion euros) to creditors of Lehman Europe.
PwC worked on behalf of more than 100 entities of Lehman in Europe to determine who is owed after the collapse of the bank in September 2008, which sent the global financial system into chaos.
Lehman Brothers filed for bankruptcy protection on September 15, 2008 and cut the relationship with its subsidiaries, including the European units are based in the UK.
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