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| Lehman creditors gather in London | Lehman creditors gather in London |
| (about 2 hours later) | |
| Administrators of the European arm of failed bank Lehman Brothers are meeting in London with creditors, who want to hear if they will get their money back. | Administrators of the European arm of failed bank Lehman Brothers are meeting in London with creditors, who want to hear if they will get their money back. |
| Billions of dollars of bad debt forced Lehman Brothers to file for bankruptcy protection on 15 September. | Billions of dollars of bad debt forced Lehman Brothers to file for bankruptcy protection on 15 September. |
| It was the largest US bankruptcy filing in history. | It was the largest US bankruptcy filing in history. |
| PricewaterhouseCoopers is the administrator to the European arm and the process of unravelling the firm's trades is expected to take many years. | PricewaterhouseCoopers is the administrator to the European arm and the process of unravelling the firm's trades is expected to take many years. |
| PWC has already negotiated a deal with Nomura, which is to buy Lehman's European and Middle Eastern equities and investment bank operations. | PWC has already negotiated a deal with Nomura, which is to buy Lehman's European and Middle Eastern equities and investment bank operations. |
| And it plans to retain 1000 staff in London and will pay them their 2007 bonuses. | |
| Nomura is also buying the bank's franchise in the Asia Pacific region. | Nomura is also buying the bank's franchise in the Asia Pacific region. |
| Barclays has bought Lehman's North American investment banking and capital markets divisions. | Barclays has bought Lehman's North American investment banking and capital markets divisions. |
| Lehman is also facing legal actions around the world. | Lehman is also facing legal actions around the world. |
| Deutsche Bank said it has sued the bank to recover $72.5m (£49.2m) it says was accidentally transferred to Lehman after it had filed for bankruptcy. | Deutsche Bank said it has sued the bank to recover $72.5m (£49.2m) it says was accidentally transferred to Lehman after it had filed for bankruptcy. |