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Lehman default swaps may recover 9.75 pct area

Fri Oct 10, 2008 10:34am EDT

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NEW YORK, Oct 10 (Reuters) - Sellers of protection on bankrupt Lehman Brothers LEH.N (LEHMQ.PK) are facing losses in the area of 91.25 percent of the insurance they sold, based on the initial results of an auction on Friday to determine the value of the credit default swaps.

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The net open interest was $4.92 billion to sell the debt, indicating the final price may be lower than the initial recovery levels of 9.75 percent, according to results published by auction administrators Creditex and Markit. (Reporting by Karen Brettell; Editing by James Dalgleish)

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