By Simon Miller
The investment bank that started the 2008 financial crisis Lehman Brothers has emerged from its $639bn bankruptcy and will begin paying back creditors next month.
In a statement, the company said: "Lehman Brothers Holdings Inc. and its affiliates announced today the occurrence of the Effective Date of their plan and emergence from chapter 11. They will commence distributions to creditors on April 17, 2012. Distributions will be made to record holders of claims as of March 18, 2012."
The 17 April start date follows Judge James Parker December approval for Lehman's creditor payback terms and the company said that a new board of directors would guide Lehman's and its affiliates "as they move toward a complete liquidation of their assets, following a strategy to efficiently and expeditiously maximize results for creditors".