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Updated Thursday, December 8, 2011 0:40 am TWN, AFP

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Judge paves way for liquidation of bankrupt Lehman Brothers

NEW YORK--A U.S. judge on Tuesday approved plans to end Lehman Brothers' bankruptcy and move it toward liquidation, three years after the firm became a poster child for the global financial crisis.

Liquidators running what remains of the company said a U.S. bankruptcy court in New York had approved a plan for the now infamous firm to exit Chapter 11 protection.

“This case has required compromise and common sense, diligence and determination, and the reconciliation of complex positions that at times seemed irreconcilable,” said Bryan Marsal.

Although the firm collapsed with ignominy in 2008, its full dissolution depends on settling creditors' claims worth around US$450 billion.

According to Lehman Brothers Holdings Inc. the bankruptcy was “the largest and most complex in history,” involving 7,000 legal entities in 40 countries, and 75 distinct court proceedings.

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