Lehman Bros 7.25% Pref'd Series P (fka LEHPQ)

[lifegear]

UPDATE 1-Lehman proposes plan to coordinate bankruptcies
Tue May 26, 2009 11:52am EDT

NEW YORK, May 26 (Reuters) - Lehman Brothers Holdings Inc (LEHMQ.PK) said on Tuesday it reached agreement with many of its international counterparts on guidelines to help coordinate a slew of bankruptcy and liquidations across international borders.

The so-called Lehman protocol lays out basic principles to help the bankrupt former investment firm and its global units share information and preserve assets while they restructure or wind down. The negotiations took three months and spanned 16 different jurisdictions, according to court documents.

Administrators outside of the United States that support the protocol include KPMG [KPMG.UL] Hong Kong, KPMG Singapore and some foreign debtors in Australia.

Lehman has asked a judge to approve the guidelines and a hearing is scheduled for June 17.

The case is In re Lehman Brothers Holdings Inc, US Bankruptcy Court, Southern District of New York, No. 08-13555 (Reporting by Chelsea Emery, editing by Matthew Lewis)

http://www.reuters.com/article/bondsNews/idUSN2648358720090526