Court Approves Lehman Disclosure Statement

Judge James M. Peck of the U.S. Bankruptcy Court for the Southern District of New York today approved the Disclosure Statement for the Revised Second Amended Joint Chapter 11 Plan of Lehman Brothers Holdings (LEHMQ) and its affiliated debtors. Solicitation packages consisting of, among other things, the Disclosure Statement and Plan will be distributed to creditors beginning September 23, 2011. Creditors entitled to vote on the Plan will also receive a ballot or ballots as applicable. The voting deadline has been set for November 4, 2011. To date, more than 45 creditor entities asserting claims in excess of $130 billion have executed Plan Support Agreements. These include two new agreements announced today in court with affiliates in Singapore and the Netherlands. A hearing to confirm the Plan is currently scheduled for December 6, 2011. The effective date for emergence from Chapter 11 and beginning distributions to creditors will take place following confirmation of the Plan. Bryan Marsal, LBHI's Chief Executive Officer, said: "Our goal from the start of this case has been to move expeditiously toward an economic compromise that would allow for prompt distributions to creditors. The approval of the disclosure statement today by Judge Peck is a major milestone as we move toward that objective. The Official Committee of Unsecured Creditors and many creditor representatives from around the world worked diligently with us to help reach this point. We look forward to their continued support for confirmation and emergence." The Lehman bankruptcy cases are the largest and most complex in history. Before the bankruptcy, LBHI had assets of $639 billion on its consolidated balance sheet and operated as a truly global firm with over 7,000 legal entities in more than 40 countries. Lehman's insolvency has resulted in over 75 separate and distinct bankruptcy proceedings, with the non-United States proceedings managed by a number of court appointed administrators, liquidators, trustees, receivers, and like office holders. LBHI and its affiliated chapter 11 debtors, through its management team led by Alvarez & Marsal and their attorneys at Weil, Gotshal & Manges LLP, filed the Revised Second Amended Joint Chapter 11 Plan and Disclosure Statement with the United States Bankruptcy Court for the Southern District of New York. These filings can be found at www.lehman-docket.com in the key documents section.