Failed US investment bank Lehman Brothers said it plans to pay its creditors $60.1 billion, more than first estimated but still six times less than the total amount owed.

Lawyers at restructuring firm Alvarez & Marsal LLC, which manages Lehman’s assets, said the firm would have a good opportunity to sell assets over the next 12 months, especially in strategic real estate, allowing it to gain more than the $57.5 billion it had previously estimated.

Lehman’s liquidators expect the courts to allow creditors to seek $322 billion out of their claims for $369 billion.

Alvarez & Marsal expects that final approval for Lehman’s reorganisation plan will take longer than expected.

The plan is due to be registered within seven to 10 days but the law firm says US authorities will likely not greenlight it until the third quarter.

A hearing is due to take place by June and the reorganisation plan could be approved within two to three months from that time, a source close to the matter said.

Lehman will not be able to reimburse creditors until the plan has been approved.

New York-based Lehman was one of the leading international banks before it was forced to declare bankruptcy in September 2008 due an acute lack of cash as the global financial crisis erupted, leading to a meltdown in the US economy.