Lehman Brothers International (Europe) (in administration) announce an Application to seek a determination on various issues concerning entitlements to the surplus in the LBIE estate – 13 June 2014

The Joint Administrators of Lehman Brothers International (Europe) (in administration) (“LBIE”) have issued an application to Court for directions in relation to a number of issues concerning entitlements to the surplus in the LBIE estate (the “Application”). The following LBIE creditors have been identified by the Joint Administrators as appropriate respondents to the Application:

• Burlington Loan Management Limited;
• CVI GVF (Lux) Master S.à.r.l;
• Hutchinson Investors, LLC;
• Wentworth Sons Sub-Debt S.à.r.l; and
• York Global Finance BDH, LLC.

The Application seeks the guidance of the Court in relation to, broadly, the following issues:

• how statutory interest on admitted claims is to be calculated;
• the date from which statutory interest is to run in respect of contingent and future debts;
• how interest claims under ISDA Master Agreements are to be quantified;
• how currency conversion claims are to be quantified; and
• the impact on claims to statutory interest and/or currency conversion claims of releases contained in the CRA and CDDs.

The Application and accompanying witness statement in support of the Application, together with the associated exhibit, are attached hereto. The witness statement provides further information as to the factual background to, and the issues in, the Application.

An initial directions hearing has been scheduled for 25 June 2014.

Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com. The Joint Administrators will continue to communicate with you through this website on all matters relating to the Application and the administration of LBIE.