Bloomberg News

Lehman Seeks Title to Ritz-Carlton Kapalua Resort in Hawaii

October 12, 2011

(Updates with real estate assets in third paragraph.)

Oct. 12 (Bloomberg) -- Lehman Brothers Holdings Inc., which lent $232.4 million for a resort in Hawaii in 2007, said it intends to take title to the Ritz-Carlton Kapalua after foreclosing on its loan, according to a court filing today.

The resort is one of the distressed real estate projects financed by Lehman before its 2008 bankruptcy. The defunct investment bank, which is trying to boost asset sales to help pay creditors, valued its real estate at $13.2 billion in a court filing detailing a $65 billion liquidation plan.

Real estate sales will run through 2014, New York-based Lehman said in the June filing.

The case is In re Lehman Brothers Holdings Inc., 08-13555, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

--Editors: David E. Rovella, Glenn Holdcraft

To contact the reporter on this story: Linda Sandler in New York at lsandler@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net


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