Under the proposed settlement between Lehman and the three affiliates, Banque Lehman Brothers S.A, Lehman Brothers Conseil S.A. and Lehman Brothers Services S.N.C., Lehman Brothers Holdings will waive its claims entirely. -- PHOTO: REUTERS
LOS ANGELES - THE judge presiding over Lehman Brothers Holdings Inc's bankruptcy on Monday set a Dec 22 hearing date to consider a proposed settlement between the bank and three French affiliates, according to court papers.
Once the settlement is approved, Lehman also seeks authority to vote its shares of Banque Lehman Brothers S.A , one of its direct subsidiaries, in favour of a sale of that business to Banque Nomura France.
Under the proposed settlement between Lehman and the three affiliates, Banque Lehman Brothers S.A, Lehman Brothers Conseil S.A. and Lehman Brothers Services S.N.C., Lehman Brothers Holdings will waive its claims entirely.
Banque Lehman Brothers, which operates Lehman's investment banking business in France and has 52 employees, will waive all but 93 million euros (S$180.7 million) of claims, or the net amount remaining from the Lehman Brothers Holdings claims against the Banque Lehman Brothers claims. -- THOMSON REUTERS
