Debts gloom at Lehmans
SOME creditors of collapsed investment bank Lehman Brothers were likely to lose their money, administrators of the bank’s UK-based European division warned yesterday.
As PricewaterhouseCoopers began sifting through $500 billion of liabilities, administrator Tony Lomas said: “The prospect is that some creditors will lose money. We can’t determine how much for a significant time.”
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Lomas said PWC’s job would be “10 times as large and more complicated” than dealing with the bankruptcy of Enron.
The administration is costing £4million a week.