Judge approves bid procedures for Lehman sale
NEW YORK, Sept 17 (Reuters) - A U.S. bankruptcy judge on Wednesday approved bid procedures for the sale of Lehman Brothers Holdings Inc's LEH.N core U.S. business.
In a hearing in U.S. bankruptcy court in Manhattan, Judge James Peck said he was approving the bid procedures proposed by Lehman for the sale of its Lehman Brothers Inc unit in a $1.75 billion deal with British bank Barclays Plc (BARC.L).
The bid procedures include a break-up fee if the deal falls through, and a time frame for a sale hearing.
The deal still has to be approved by the court at a later hearing.
(Reporting by Emily Chasan; Editing by Bernard Orr)
