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Lehman creditors gather in London Lehman creditors face some losses
(30 minutes 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. Some creditors of the European arm of failed bank Lehman Brothers will likely lose their money, the bank's administrators have said.
However, it will take time before it becomes clear how much, they added.
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.
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.
Lehman's was the largest US bankruptcy filing in history.
"The prospect is that some creditors will lose money. How much - we can't determine that for a significant time," said joint administrator Tony Lomas after a meeting in London.
The process could take as long as seven years and would be "10 times" more complicated that the bankruptcy of US energy firm Enron, Mr Lomas said.
Deals
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.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.