Lehman Brothers Financial SA (LEHNQ)

[LexingtonVIII]

I thought that once the POR is closed, any debt owed to the creditors is cancelled. No? Isn't this how bankruptcy works? Where the debtor pays the creditors until the POR is closed then if anything is left there are no more distributions and the company can
once againt do business as a reorganized entity or reverse merge into another company ?

So why would there be any monies owed to creditors once the POR is closed? This makes absolutely no sense to me and is not logical at all or else why file for a chapter 11 ? Which in fact5 is a Reorganisation plan?

Thanks for any light...