Now that it has started working on its bankruptcy plan Lehman Brothers Holdings Inc. says that is will take longer than anticipated to win approval of the plan. It anticipates paying out more than $60.1 billion to creditors that are actually owed as much as six times that amount.

While Harvey Miller, an attorney for Lehman, knows that a court approval of the plan is not likely to happen this quarter, he expects the company to have one in place "well before the end of the year." Since the company cannot start to pay back its creditors until the plan has been approved these payments will have to be pushed back even further.

This announcement comes at a time when the company is trying to field opposition from several angles, such as one group of creditors led by billionaire John Paulson. This group has asked Lehman to file its own draft plan for the company to emerge from bankruptcy; this desire is based on the group's belief that Lehman's plan will favor big bank creditors over other creditors if it is finalized.

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