LONDON, Oct 12 (Reuters) - The European arm of U.S. investment bank Lehman Brothers, which collapsed in September 2008, is planning to return cash to unsecured creditors for the first time by the end of November, administrators said on Friday.
PricewaterhouseCoopers, which has been handling the UK part of the Lehman administration, is yet to announce the exact size of the payout.
It has already returned 13.5 billion pounds ($21.65 billion)worth of securities and cash to Lehman Brothers Europe clients who had segregated accounts, PwC said in a progress report. The administrator is now nearing a payment to unsecured former clients of the bank, usually at the bottom of the hierarchy of creditors. ($1 = 0.6234 British pounds)
(Reporting by Sarah White; Editing by Luke Jeffs)
((sarah.white1@thomsonreuters.com; + 44 207 542 33 45; Reuters Messaging: sarah.white.thomsonreuters.com@reuters.net))
Keywords: LEHMAN BROTHERS/EUROPE