Business Wire

Lehman Brothers Treasury Announces Plans for Partial Wind-Down

Jaa

Lehman Brothers Treasury Co. B.V. in liquidation (“LBT”) today, through its U.S. counsel Kramer Levin Naftalis & Frankel LLP, announced that LBT is planning a final cash distribution to its creditors. Professional holders of eligible notes will have the option to retain their investment by electing to receive substitute notes of one (or a few) series. Such election shall take place through a solicitation process. As a consequence, LBT will be able to reduce the number of series of notes outstanding from more than 3,700 to one or a few.

Noteholders electing to receive substitute notes will be afforded the same economic entitlement to distributions received by LBT from Lehman Brothers Holdings Inc. (“LBHI”) through the substitute notes. The substitute notes will be denominated in U.S. dollars and future distributions will be made in U.S. dollars only. Noteholders who are not professional investors, or hold notes that are not eligible for substitution, or do not elect to receive substitute notes, will receive a final cash distribution. It is expected that the solicitation process will be made available only to professional holders (e.g., QIBs or similar holders) and only with respect to notes bearing the following ISIN prefixes: XS, US, CH, DE, and AU (being the vast majority of outstanding notes).

Other ordinary creditors of LBT (i.e., LBT creditors other than noteholders) will also be given an opportunity to elect to amend their claim entitlement as creditors of LBT, meaning (amongst others) that they will receive future distributions in U.S. dollars only. If no such election is made, an “other ordinary creditor” of LBT will receive a final cash distribution.

To fund a final cash distribution, LBT will sell a pro rata portion of its allowed Class 4A intercompany claim against LBHI. The precise portion of the intercompany claim that will be sold will be determined at the conclusion of the solicitation process and will correspond to the portion of LBT creditors, by admissible claim amount, who will not remain creditors of LBT.

LBT has entered into agreements with investors holding claims against LBT, pursuant to which those creditors have agreed to elect to receive substitute notes, when properly solicited to do so. On this basis, it is expected that no more than 57% of LBT’s Class 4A Claim should be available for sale. The actual amount of LBT’s Class 4A Claim available for sale may be less than that, after giving effect to the solicitation process.

LBT is in the process of retaining Seaport Loan Products LLC as its exclusive placement agent in connection with any such sale. Deutsche Bank AG (London) has been retained as consent agent.

LBT expects to commence and finalize the solicitation and sales process in the first four months of 2019.

The foregoing is subject to further consents and authorizations and LBT retains sole discretion to abandon or otherwise discontinue any solicitation or sale process at any time. Accordingly, there can be no assurances that either the solicitation or the sale process will be conducted or consummated, or if conducted or consummated, the timing thereof. There also can be no assurance as to the amount of cash distributions, if paid, now or in the future.

LBT does not undertake to publicly update its disclosure to reflect developments in this matter.

Contact information

Daniel Eggermann, Kramer Levin Naftalis & Frankel LLP
+ 1-212-715-9495

Tietoja julkaisijasta

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Tilaa tiedotteet sähköpostiisi

Haluatko tietää asioista ensimmäisten joukossa? Kun tilaat mediatiedotteemme, saat ne sähköpostiisi välittömästi julkaisuhetkellä. Tilauksen voit halutessasi perua milloin tahansa.

Lue lisää julkaisijalta Business Wire

Historic Partnership between the Weizmann Institute of Science and Institut Curie25.3.2019 19:54:00 EETTiedote

On March 22, the Weizmann Institute of Science in Rehovot, Israel, and Institut Curie in Paris, France, two major world-class research institutes, signed an historic partnership that will allow their teams to work closely together to improve knowledge in the field of life sciences, particularly in the areas of physics and chemistry, and most specifically - in the field of cancer research. This is a milestone in the history of these two institutes that have been working together for 15 years, particularly in the field of biophysics. Collaborative research programs This partnership will extend to many disciplines, including physics, chemistry, cellular biology, epigenetics, genetics, immunology and single cell approaches, imagery and data collection. The complementarity of the research between the various groups at Institut Curie and at the Weizmann Institute has been recognized in particular at the occasion of joint scientific workshops held regularly alternatively in Paris and Rehovot.

Bidgely EV Solution Detects Charging Patterns for Vehicle-to-Grid Integration25.3.2019 19:36:00 EETTiedote

Bidgely today introduced an Electric Vehicle (EV) Solution for global utilities that applies artificial intelligence and machine learning to customer data for smart vehicle-to-grid (V2G) integration. With Bidgely’s industry-leading EV disaggregation patent serving as the foundation, the new EV Solution identifies territory-wide residential charging patterns and pinpoints homes with EVs for targeted product and service offerings that help utilities enhance customer engagement, manage the grid more effectively and generate new revenue. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190325005621/en/ The new Bidgely EV Solution identifies territory-wide residential charging patterns and pinpoints homes with EVs for targeted product and service offerings that help utilities enhance customer engagement, manage the grid more effectively and generate new revenue. (Graphic: Business Wire) “Beneficial electrification, and EVs in parti

The International Society for Quality in Health Care Partners with the Patient Safety Movement Foundation to Achieve Zero Preventable Deaths in Hospitals25.3.2019 19:30:00 EETTiedote

The International Society for Quality in Health Care (ISQua) is pleased to announce their support of the Patient Safety Movement Foundation (PSMF) and their mission to eliminate preventable deaths in hospitals, with a signed cooperation agreement. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190325005265/en/ With this agreement, ISQua and PSMF agree to work together to further their aims to improve quality and safety in healthcare and eliminate preventable patient deaths. The partnership will provide synergy so that our missions can be amplified. ISQua and PSMF will work together to identify common projects in the field of patient safety and promote each other’s activities on an ongoing basis. ISQua and PSMF will hold joint sessions at their respective conferences, at ISQua’s 36th International Conference (20th – 23rd October 2019) in Cape Town, South Africa; and PSMF’s 8th Annual World Patient Safety, Science & Technology

The Results Are In! BOC Group Named a Leader in the Enterprise Architecture Management Suites, Q1 2019 report by Independent Research Firm25.3.2019 16:32:00 EETTiedote

BOC Group, the leading global provider of Enterprise Management Solutions, announced today that it has been recognized as a “Leader” in The Forrester Wave™: Enterprise Architecture Management Suites, Q1 2019 report. Evaluated against 35 rigorous criteria, BOC Group’s EA suite ADOIT received the highest possible scores in 16 of them, including customer satisfaction, innovation agenda criteria and many others! Christoph Moser, ADOIT product manager, comments on this accomplishment by saying: “We see this achievement as an affirmation of our unwavering position as a front-runner in the EA industry and a direct reflection of the strength, depth and breadth we have incorporated across all aspects of our comprehensive, user-centric EA offering and portfolio in the last years.” Moser continues: “For us, this recognition is hard-earned and well deserved. But more importantly, we believe it further proves our strategy, relentless commitment to our customers, and continued mission to enable orga

ResMed Launches Next-generation ReSupply Solution25.3.2019 16:00:00 EETTiedote

ResMed (NYSE: RMD) (ASX: RMD) today launched its automated ResMed ReSupply solution for all U.S. home medical equipment (HME) providers to increase sleep apnea patients’ long-term therapy adherence and improve patient satisfaction. Patients enrolled in an automated resupply program are 50 percent less likely to stop PAP (positive airway pressure) therapy within the first year, according to a 2018 study. ResMed’s program goes one step further, automating enrollment as patients meet compliance requirements and letting patients choose their preferred contact method – text, email or live call. Patients can also order supplies through a web- or mobile-based patient portal. HMEs are able to manage all their patients’ resupply needs from a single comprehensive dashboard so they can quickly identify, prioritize and assign tasks. “The new resupply platform is simple and easy to use – everything you need is at your fingertips,” said Kera Tennyson, a PAP location manager at Advanced Medical Solut

Sigma Systems Named Finalist for 4 Industry Awards25.3.2019 15:00:00 EETTiedote

Sigma Systems, the global leader in catalog-driven software, today announced that it has been named as a finalist for two TM Forum Excellence Awards and as a semi-finalist for two Pipeline Innovation Awards. The TM Forum’s Excellence Awards highlight companies and individuals that demonstrate commitment to the evolution of the industry through digital transformation and the adoption of best practices and standards that TM Forum delivers through its Collaboration Community. Sigma is a finalist in the Service Innovator of the year and Catherine Michel is a finalist for the CTO of the Year – an award that she won in 2018. Nik Willetts, CEO, TM Forum said “Congratulations to the finalists of the TM Forum Excellence Awards 2019. As ever, the quality of the competition this year was incredibly high. With 5G fast approaching and pressure to digitally transform intensifying, it’s great to see these organizations pave the way for change and transformation. We’re excited and proud to work alongs

Uutishuoneessa voit lukea tiedotteitamme ja muuta julkaisemaamme materiaalia. Löydät sieltä niin yhteyshenkilöidemme tiedot kuin vapaasti julkaistavissa olevia kuvia ja videoita. Uutishuoneessa voit nähdä myös sosiaalisen median sisältöjä. Kaikki STT Infossa julkaistu materiaali on vapaasti median käytettävissä.

Tutustu uutishuoneeseemme