A group of 20 creditors, including Goldman Sachs and Morgan Stanley, have filed a rival restructuring plan for Lehman Brothers, Financial Times reports. The group, known as the operating company, opco, also includes banks, such as Deutsche Bank and Credit Suisse, and hedge funds, DE Shaw, Silver Point and Oaktree.

The new plan will pay 16 cents on the dollar to holding company bondholders, down from 21.4 cents or some $4.5 billion less than the Lehman estate’s plan. The plan, which will boost recoveries for the banks and keep separate the assets of Lehman’s bankrupt subsidiaries, will provide nearly 41% recovery on claims for creditors of Lehman’s derivatives business and only 16% recovery for bondholders, adds Reuters.

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