Update - Lehman Brothers International (Europe) (in administration) ("LBIE") – Second Unsecured Claim Certificate – 15 June 2016

The Joint Administrators’ fifteenth progress report for the period ended 14 March 2016 provided, in Section 4, that LBIE would be issuing a second unsecured claim certificate to creditors (the “UCC2”).

The UCC2 builds on and supplements the information included in the first unsecured claim certificate (the “UCC1”) issued to most counterparties in October 2015. The UCC2 sets out, for indicative purposes only, an illustration of creditors’ potential entitlements to the surplus in LBIE’s estate (the “Surplus”). The UCC2 should be read in conjunction with a detailed accompanying explanatory note which sets out, among other things, the assumptions and methodology forming the basis of the calculations therein.

The UCC2s and the accompanying explanatory note have been published on the LBIE Client Information Portal today together with the UCC1s which have been updated in certain instances.

The UCC2s should not be relied upon as conclusive or definitive evidence of what creditors are or may be entitled to and/or may ultimately receive from the Surplus. The value of a creditor’s entitlements to the Surplus will be impacted by and can only be determined after the resolution of a number of factors, including the outcome of the “Waterfall proceedings” or any consensual resolution between LBIE and a majority of its creditors. 

As previously, creditors are encouraged to review their UCC2 in the near future and provide us with feedback.

Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.