(Reuters) - Lehman Brothers Holdings Inc’s LEHMQ.PK U.S. estate administrators will ask a federal judge on Tuesday to approve a framework for coordinating bankruptcy proceedings for the bank’s subsidiaries worldwide, putting them at odds with its administrators in the UK, the Wall Street Journal said.
Lehman’s UK estate administrator PricewaterhouseCoopers (PwC), who represents the bank’s main European arm, maintains the estate is governed by local rules and the interests of its own creditors, according to the paper.
A global protocol is “unnecessary, insufficiently tailored and unacceptably burdensome,” the paper quoted Tony Lomas, a PwC partner, as saying.
Lehman’s London-based estate held about a third of the firm’s estimated $630 billion (395.5 billion pounds) in assets before it filed for bankruptcy in September 2008, the paper said, adding that the estate holds data essential to insolvency proceedings among other smaller European subsidiaries.
Lehman’s U.S. administrators and PwC could not be reached for comment.
Reporting by Ajay Kamalakaran in Bangalore; editing by John Stonestreet