Lehman Brothers Holdings Inc emerged from its record $639 billion bankruptcy on Tuesday and said it will start paying creditors back on 17 April.

The move puts an end to the bankruptcy proceedings that began on 15 September, when Lehman collapsed rocking the foundations of the global financial markets, and catalysing the ongoing financial crisis.

Exactly 1,268 days later, the end of the case enables Lehman to start distributing $65 billion to creditors who had made more than $300 billion in claims.

Bankruptcy Judge James Peck approved Lehman's creditor payback plan in December. Since then, the company has tied up loose ends by selling assets, litigating claims and settling disputes with affiliates and counterparties.

Lehman said in a statement that the company will continue to liquidate its holdings under a new board of directors.