KPMG meets with Lehman creditors, presents update on progress
KPMG meets with Lehman creditors, presents update ...
KPMG announces that it has held its first meeting with creditors of Lehman Brothers Asia Holdings Limited (LBAHL).
This is one of a series of eight meetings, in which KPMG as provisional liquidators will present progress reports related to the liquidation of eight Lehman subsidiaries in Hong Kong.
LBAHL creditors at the meeting voted in favour of Paul Brough, Edward Middleton and Patrick Cowley continuing in office as liquidators. They were initially appointed in September 2008 by the High Court of Hong Kong as Provisional Liquidators of eight Lehman Brothers Hong Kong incorporated entities.
Creditors have also approved a seven member committee of inspection to assist and oversee progress. KPMG will now apply to the High Court for confirmation of both appointments.
Edward Middleton, Head of Restructuring at KPMG, said: "We are extremely pleased with the high turnout of creditors at today's meeting. Although we have made significant progress so far, we are conscious of the challenges that lie ahead and that many creditors are anxious to see some early returns on their debts. We will continue to work diligently on their behalf."
KPMG is actively working to secure assets located in various jurisdictions, including Japan, Singapore, Australia, U.S.A., Thailand, India and New Zealand.
Meetings with creditors of the seven remaining Lehman Hong Kong subsidiaries will be held on:
- Lehman Brothers Asia Limited (In Liquidation) (12 February 2009)
- Lehman Brothers Securities Asia Limited (In Liquidation) (13 February 2009)
- Lehman Brothers Futures Asia Limited (In Liquidation) (13 February 2009)
- Lehman Brothers Asia Capital Company (In Liquidation) (17 February 2009)
- LBQ Hong Kong Funding Limited (In Liquidation) (17 February 2009)
- Lehman Brothers Nominees (H.K.) Limited (In Liquidation) (17 February 2009)
- Lehman Brothers Commercial Corporation Asia Limited (In Liquidation) (18 February 2009)
Further information regarding the above meetings can be obtained via:
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