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ARTICLE · 22 MARCH 2010

Lehman Brothers Debtors File Joint Plan

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Lehman Brothers Holdings Inc. (LBHI) and its affiliated U.S. chapter 11 debtors (the "Debtors") filed a joint plan with the Bankruptcy Court on March 15, the last day on which the Debtors who filed petitions on September 15, 2008, had the exclusive right to file a plan.

United StatesFinance and Banking
Katten Muchin Rosenman LLP
Katten Muchin Rosenman LLP
Noah Heller
Noah Heller
Lance A. Zinman
Lance A. Zinman
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Lehman Brothers Holdings Inc. (LBHI) and its affiliated U.S. chapter 11 debtors (the "Debtors") filed a joint plan with the Bankruptcy Court on March 15, the last day on which the Debtors who filed petitions on September 15, 2008, had the exclusive right to file a plan. As a result of the filing, the Debtors have an additional 60 days during which no other party may file a plan.

While the 18-month exclusivity limit was set by Congress in amendments to the Bankruptcy Code in 2005, it is fair to say that cases the size and complexity of Lehman Brothers are probably not what Congress had in mind when imposing these limits. As a result, the Lehman Debtors have been forced to file a relatively generic plan that leaves a lot of room for modification. Indeed, a press release issued March 15 suggests that Lehman is reserving its rights to consider such incendiary issues as substantive consolidation if it cannot garner sufficient creditor support for the plan and, in

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