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Here are some of the latest bankruptcy stories our reporters have been covering Friday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.
Lehman wants to hire 450
Lehman Brothers Holdings Inc. will ask a New York judge for authority to hire hundreds of professionals to help decipher the bankrupt investment bank's intricate derivatives contracts. In a court hearing that drew scores of onlookers, Harvey R. Miller, debtor counsel to Lehman at Weil, Gotshal & Manges LLP, communicated the company's need to hire 450 new professionals to look through Lehman's derivatives contracts to determine which parties could assert legitimate claims against the bank. Restructuring advisement firm Alvarez & Marsal North America LLC will assist Lehman if approved by the court. - Carolyn Okomo Hedge funds press Lehman administrator A call by U.S. hedge funds to free certain assets blocked in the U.K. by the collapse of Lehman Brothers Holdings Inc.'s European operations met with a frosty response in London on Thursday, where little weight was attached to the claim that prime brokerage clients should be prioritized by the significance of their exposures. A letter to the governor of the Bank of England, Mervyn King, from the Managed Funds Association in Washington warned that unless the bankruptcy administrators returned what it said were an estimated $40 billion to $70 billion in prime brokerage assets, other bank rescue efforts could be undermined. - Jonathan Braude Judge OKs Leiner plan A Delaware judge has given Leiner Health Products Inc. the nod to finalize the liquidation of its bankrupt estate. - Jamie Mason Primaris to sell controlling stake Charter operator Primaris Airlines Inc. will seek to achieve its dream to offer scheduled service after a short bankruptcy stay and with the help of $150 million in financing. Scottsdale, Ariz.-based Primaris filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Arizona on Oct. 10 as part of a prepackaged deal to sell 70% of its preferred and outstanding stock to CorpoPetrol Global Energy Development LLC for $150 million. CorpoPetrol is an energy exploration firm based in Boca Raton, Fla. - Lou Whiteman Categories Deal Video
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