Lehman creditors file competing reorganization plan
NEW YORK, Dec 15 (Reuters) - Bondholders of Lehman Brothers Holdings Inc filed a rival plan on Wednesday to parcel out the bank's estimated $58 billion in assets in the largest U.S. bankruptcy reorganization on record, according to a court filing.
Hedge fund Paulson & Co, the California Public Employees' Retirement System and other bondholders filing the plan said the original reorganization proposal offered by Lehman in March favored large banks over other creditors.
The bondholders' plan, a so-called substantive consolidation, would combine the claims and assets of Lehman's various units and pay creditors from a single pool. (Reporting by Dena Aubin)
Hedge fund Paulson & Co, the California Public Employees' Retirement System and other bondholders filing the plan said the original reorganization proposal offered by Lehman in March favored large banks over other creditors.
The bondholders' plan, a so-called substantive consolidation, would combine the claims and assets of Lehman's various units and pay creditors from a single pool. (Reporting by Dena Aubin)
