The available cash of Dutch-registered Lehman Brothers Treasury Co BV is €5.5m, a local court has warned.
As far as is known, other assets comprise intercompany receivables, of which that against its US-registered parent, Lehman Brothers Holdings, is its largest, but as yet undetermined, asset.On Wednesday, the Amsterdam court officially revoked the provisional suspension of payment and declared Lehman Brothers Treasury Co BV, in the Netherlands, as bankrupt, with the appointment of Rutger Schimmelpenninck as bankruptcy trustee.
The court notes that LBT had issued notes and certificates to institutional and private investors under various programs including: US$100bn in EMTNs, US$4bn German note issuance program, certificates program (Swiss), equity linked investment program (Singapore) and inflation linked notes program (Italy).
Most of the notes and certificates were linked to derivative instruments, it said. The EMTN issuance is the largest program with an outstanding debt of over US$30bn.
These notes and certificates have probably all been issued under guarantee of LBH, said the court and the proceeds of these notes and certificates were used to finance LBH and its group companies. The derivatives linked to the notes and certificates have probably been hedged with other Lehman entities.
