Corporate Restructuring & Bankruptcy Blog

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Lehman Brothers Holdings Inc. and its affiliates filed their consolidated Monthly Operating Report (MOR) for the month of September on Wednesday. The MOR includes both a schedule of cash receipts and disbursements and a schedule of professional fee and expense disbursements. It is not prepared in accordance with U.S. generally accepted accounting principles (GAAP) or audited by the company's external auditors.

The MOR reports that Lehman's cash and investment balances increased by nearly $1 billion during September to $15.657 billion. The September 30 balance includes over $1 billion in cash and investments held outside of the United States ($980 million in Asia, $24 million in South America and $61 million in Europe). The largest receipt and disbursement transactions during the month of September were transactions with Aurora Bank related to court-approved repo financings ($598 million in receipts and $636 million in disbursements).

The schedule of professional fee and expense disbursements (which reflects "cash disbursements from [Lehman Brothers Holdings Inc.'s] filing date through the end of September 2009 and do not include holdback amounts required by court order for Non-Ordinary Course Professionals" but excludes accruals) provides disbursements for September as well as over the course of the bankruptcy cases. The companies made over $50 million in disbursements to professionals during September and disbursements of over $417 million to professionals over the course of the cases.

netDockets has made a complimentary copy of the Monthly Operating Report available on JDSupra.

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