Vote On Lehman Liquidation Plan Allowed

Lehman Brothers has been allowed to send its liquidation plan to creditors for a vote, Bloomberg reports. The plan will be used by creditors to assess the proposal and commence voting. Creditors are getting their say as the bankrupt investment bank seeks to wind down.

The bank intends to raise at most $65 billion to pay claims out of the total claims of about $360 billion. The New York–based bank reached the proposal with two groups of creditors, the first including Paulson & Co. and the second including Goldman Sachs.

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