In the Lehman Brothers Holdings Inc. (LBHI) Chapter 11 bankruptcy, the specific classes of debt that are paid or satisfied in full are the statutorily protected priority and secured classes.
Based on the confirmed Chapter 11 Plan and ongoing distribution data, the following claims have achieved a 100% recovery:
• LBHI Class 1 (Priority Non-Tax Claims): Under the confirmed plan, holders of allowed priority non-tax claims were designated to be paid in full in cash [1].
• LBHI Class 2 (Secured Claims): Holders of allowed secured claims against the holding company were satisfied in full either through direct cash payments, the sale/disposition of their collateral, or the surrender of their collateral [1].
• Administrative and Priority Tax Claims: While technically unclassified under standard Chapter 11 structure, the estate's administrative expense claims and priority tax claims were also paid in full [2].
Additionally, in the parallel Securities Investor Protection Act (SIPA) liquidation of Lehman's primary domestic broker-dealer subsidiary (Lehman Brothers Inc.), Customer Claims were fully satisfied, with the estate achieving a 100% distribution for all 111,000 former customers [2].
While the broader unsecured classes (such as Class 3 Senior Unsecured Claims) have not been satisfied in full, the estate's recent 2026 distribution filings note that certain specific, individual unsecured claims may be marked as "Satisfied in Full" if that specific creditor managed to recover 100% of their allowed amount through a combination of payouts from the primary obligor and secondary guarantee distributions from LBHI [3]. However, as a collective class, only the secured and priority classes mentioned above have been made completely whole.
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