Lehman Creditors Meet

Administrators of the European arm of failed investment bank Lehman Brothers Holdings Inc. are meeting with creditors in London on Friday to sketch out the group's assets and liabilities, The Straits Times reported today. PriceWaterhouseCoopers, which was drafted in as administrator to Lehman Brothers International (Europe) to unravel the complex web of the firm's tens of thousands of trades and attempt to claw back funds for creditors, said it will provide an update after the meeting. The PWC team, led by partner Tony Lomas, is just two months into a job that is expected to last several years. PWC already has succeeded in negotiating a deal with Japanese brokerage Nomura Holdings Inc. for it to buy Lehman's European and Middle Eastern equities and investment banking operations. Nomura also is purchasing the bank's franchise in the Asia Pacific region, including Japan and Australia. Barclays PLC, which walked away from a deal to buy the entire company before the collapse, has bought Lehman's North American investment banking and capital markets businesses as well as its New York headquarters. Lehman also is facing a number of legal actions around the world. Read more.