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Lehman Brothers Emerges from Historic Chapter 11 Filing

“The Most Impossibly Challenging International Bankruptcy That Ever Was”

Lehman Brothers Holdings Inc. and its affiliates emerged from their landmark bankruptcy filing on March 6, 2012 and will begin making distributions in excess of $63 billion to its creditors on April 17.

Weil, Gotshal & Manges has represented Lehman since its historic bankruptcy filing in September 2008. The bankruptcy cases are the largest in U.S. history. Over $1.2 trillion in claims were asserted against the debtors.

When he approved Lehman’s chapter 11 plan in December 2011, U.S. Bankruptcy Judge James M. Peck called the proceeding “the biggest, the most incredibly complex, the most impossibly challenging international bankruptcy that ever was.” He went on to say that "Lehman may once have been a too-big-to-fail systemically significant global financial institution. But it was not too big to resolve in chapter 11."

In an article in today’s Law360 (subscription required), experts praised Lehman’s bankruptcy exit for the “orderly efficiency of the process undertaken by the parties behind it and for Judge Peck's administration of the case” and noted that Lehman’s “monumental” chapter 11 plan is likely to come to “epitomize success in bankruptcy.”

The Weil team representing Lehman in its chapter 11 proceeding was led by Business Finance & Restructuring partners Harvey Miller, Lori Fife, Alfredo Perez, Jacqueline Marcus, Robert Lemons, senior counsel Richard Krasnow, and associates Garrett Fail, Mark Bernstein, Sunny Singh, and Maurice Horwitz.