International

The trustee winding down Lehman Brothers Holdings Inc.’s brokerage business has reached an agreement with Lehman Brothers Japan Inc. and several other of its Japanese subsidiaries that settles hundreds of millions of dollars in claims. Read the Daily Bankruptcy Review article here.

U.S. companies will continue defaulting near their current low rates barring a major crisis overseas, a bankruptcy expert said in his 13th annual address to restructuring professionals on Monday.

In his annual speech put on by the New York chapter of the Turnaround Management Association, New York University professor Edward I. Altman said he expects only a 2.03% default rate for U.S. corporate bonds in 2014, but an implosion in another country could change that number dramatically.

Dish Network Corp. Chairman Charlie Ergen is again fighting with a group of hedge funds that hold LightSquared’s bank debt, this time over which side should be providing a short-term bankruptcy loan to keep LightSquared afloat. Read the Daily Bankruptcy Review article via The Wall Street Journal.

The team winding down the remnants of Lehman Brothers Holdings Inc. has reached a far-ranging settlement resolving Fannie Mae’s $18.9 billion claim stemming from mortgage loans and mortgage-backed securities the failed investment bank sold to Fannie Mae before the financial crisis.

A bidding war is brewing for Constar International Holdings LLC, the Philadelphia-based maker of plastic bottles that scrambled for the safety of bankruptcy in December, clutching a $68.5 million buyout offer from an affiliate of Australia’s Amcor Ltd. Read the Daily Bankruptcy Review article here.