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Paul Hastings Advises Lehman Brothers In Its First Solo Non-Performing Loan Purchases In China

August 17, 2004

Hong Kong (August 17, 2004) -- International law firm Paul, Hastings, Janofsky & Walker LLP in association with Koo and Partners (Paul Hastings) is advising Lehman Brothers Investments Pte Ltd (Lehman Brothers) in its purchase of US$240 million of non-performing loans (NPLs) from China Huarong Asset Management Co., the asset management company established by the Chinese Ministry of Finance to dispose of the distressed assets held by the Industrial and Commercial Bank of China, one of China's largest state-owned commercial banks.

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